Flying the Coop

So much for flying the coop. Half of parents in the United States with adult children 18 years or older said they are financially supporting their children to a certain extent, according to a recent survey. On average, these parents spend about $1,000 a month to help their grown children pay for tuition, living expenses, health insurance, vacations, car expenses, and cellphones, among other things, Savings. com found.

At the same time, the majority of grown children (62%) receiving financial help from their parents or living at home do not contribute to household costs and expenses, according to the report. Those who do offer about $338 per month.

Unsurprisingly, most parents said they’ve had to assist their children financially more throughout the COVID-19 pandemic than any time before. And though most claimed to have an exit strategy for the support they offer their children, 1 in 5 people said they have no plans to stop paying the bills any time soon.

Is this a sign of healthy familial dependence? Or should young adults be expected to be responsible for themselves? And if so, when?

It depends. College students, many of whom don’t graduate until they are 22 years old, likely need to depend on their parents for support while they pursue an education full-time.

But what about after college? A 2019 study found that 45% of young adults ages 23 to 29 were receiving regular financial help from their parents even after finding employment. In other words, there is no clear cutoff point on the part of parents and no eagerness on the part of their children to go it alone. And in this economy, who can blame them?