Shocking how much money parents spend supporting adult children

By Melissa Moore on March 12, 2024

Denver, CO – Raising a child costs a lot of money and can be quite expensive.  According to a new survey, the cost has climbed and is now $237,482 over 18 years to raise a child. That breaks down to $13,193.44 a year. But what about the cost of adult children?

A new report from savings.com found that parents are spending an average of $16,608 per year to financially support their adult children.  What?

Here is how that $16,608 a year on adult children breaks down:

  •  77% of parents help their adult kids with food expenses
  • 64% of parents help their adult kids with cell phone bills
  • 58% of parents help their adult kids with rent payments

Why do you think parents are helping their adult children with these bills?  Is it all financial or is there some other emotional reason behind parents supporting adult children?

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