KEY POINTS
-Half of parents with a child over age 18 provide them with at least some financial support, according to a recent report.
-For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is at risk.
-“Kids have to realize that the quid pro quo here is that they’re going to be expected to take care of their parents,” says economist Laurence Kotlikoff.

To keep up with rising costs, many young adults turn to a likely safety net: their parents.

From buying groceries to paying for their cell phone plan or covering health and auto insurance, 45% of parents with a child over age 18 provide them with at least some financial support, according to a recent report by Savings.com.

On average, these parents are spending more than $1,400 a month helping their adult children make ends meet, the report found.

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In the last year, inflation has posed a challenge for those trying to achieve financial independence. Soaring food and housing costs are just some of the significant hurdles for young adults just starting out.

For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is at risk.

And parents nearing retirement contribute the most to their children — to the tune of about $2,100 a month, on average, while only putting $643 a month into their retirement accounts, Savings.com found.



Overall, America’s retirement preparedness has declined as the economy has faltered, Fidelity’s 2023 Retirement Savings a*sessment also found. Now, only 78% of savers have the income they need to cover estimated expenses during retirement.

With their retirement security in jeopardy, nearly half, or 48%, of retired Americans believe they’ll outlive their savings, according to a separate report by Clever Real Estate.

‘It has to go both ways’

“Everybody is everyone else’s lifeboat when it comes to hitting an iceberg,” said Laurence Kotlikoff, economics professor at Boston University and president of MaxiFi, which works to analyze your spending, saving and insurance to make sure they match your lifestyle and level of wealth.

However, “it has to go both ways,” Kotlikoff said. “Parents are providing a lot of support and the kids have to realize that the quid pro quo here is that they’re going to be expected to take care of their parents.”

Having an open dialogue can help, he added. “Once that conversation gets going, it can continue for the next 40 years.“

 https://www.cnbc.com/2023 .. -children.html

I mean the cost of living is on the increase so of course it trickles down to the parents helping with adult kids. I think the fu*ked up part is for those in the working class now we'll likely be working til we have a foot in the grave if cost of living continues to inflate at the current rate it is. Even if you live below your means it's still tough out here.

...and it's only going to get worse for BX basement dwelling incels that haven't figured out how to communicate with people outside the house, and get over their fears of networking to make opportunities for themselves .

Lay off the dopamine y'all get from starting internet beefs and get yourself some money.

Big decline in what your 80 year old parents have & what their 58 year old kids have today

Thats honestly sad. Dealing with family is the worst most of the time.

Cant even imagine depending on the next person AS AN ADULT.

j_k1dd said ...and it's only going to get worse for BX basement dwelling incels that haven't figured out how to communicate with people outside the house, and get over their fears of networking to make opportunities for themselves . Lay off the dopamine y'all get from starting internet beefs and get yourself some money.

Bruh you came in plexin’ doing the same thing u accusing them of lol

Skilly713 said Bruh you came in plexin’ doing the same thing u accusing them of lol

Its different when you making paper, and can’t relate to who the article is talking about.

BX and social media in general in its current state right now running rampant with incels and retards just itching to start an argument over random a*s comments (some definitely lurking right now tryna formulate a response to this) cause they ain’t got nothing going on in their real lives.

Sad!

One hand washes the other, both hands wash the face.

Don't have kids if you don't know what you're doing.

Kids are a science experiment. fu*k em up, and you pay the price the rest of your life.

Theres no excuse. There are way more opportunities to make real income to be living off your parents, kids.

VengenceizMine said Theres no excuse. There are way more opportunities to make real income to be living off your parents, kids.

The cost of living is higher than ever. WTF are you even talking about?

If 1/1000 people had this problem then your point might have some validity to it but when it's 600/1000 then your argument is clearly foolish.

VengenceizMine said Theres no excuse. There are way more opportunities to make real income to be living off your parents, kids.

The problem is the parents.

That's why it's so widespread.

People born within the last 40 years aren't born genetically different or anything like that. They're struggling because they weren't set up for success.

j_k1dd said Its different when you making paper, and can’t relate to who the article is talking about. BX and social media in general in its current state right now running rampant with incels and retards just itching to start an argument over random a*s comments (some definitely lurking right now tryna formulate a response to this) cause they ain’t got nothing going on in their real lives.

This article definitely talking about u

I definitely think majority of this is from a difference in parenting. These kids not built the same.

Tlatoani said The problem is the parents. That's why it's so widespread. People born within the last 40 years aren't born genetically different or anything like that. They're struggling because they weren't set up for success.

The world they were born into isn't the same as the one that their parents were raised in.

The level of inequality is the greatest it has been for a century. There's a lot more going on than just bad parenting. We've always had sh*tty parents, those of a previous epoch had far more children than this generation.

00010111 said The world they were born into isn't the same as the one that their parents were raised in. The level of inequality is the greatest it has been for a century. There's a lot more going on than just bad parenting. We've always had sh*tty parents, those of a previous epoch had far more children than this generation.

Well the world definitely changed and the parents of the new world kept parenting like it was the old world.

We should all accept that this is the new normal and prepare our children for it, instead of raising them to live in 1970s America.

This is apart of generational wealth

Folks should have been doing this from jump instead of trying to be a part of the new fake American dream of moving away from family and accumulating debt. And they got folks thinking that means that they are an adult They got us good

That’s why you got so much of this entitled bull sh*t walking around now a days …
Entitled clowns gonna have to learn the hard way

Some people built different and probably generally don’t mind being a 20 something living with their parents still but when I turned 18, I was out first thing smoking. I didn’t want to be still be living up under my moms anymore.

I get it, sh*t tough out here. But sometimes you have to make certain sacrifices to get things rolling.

j_k1dd said Its different when you making paper, and can’t relate to who the article is talking about. BX and social media in general in its current state right now running rampant with incels and retards just itching to start an argument over random a*s comments (some definitely lurking right now tryna formulate a response to this) cause they ain’t got nothing going on in their real lives.

If you were really making paper then you'd realize how tough it is out there for the average person because you'd have employees working for you asking for salary advances, raises and loans due to the strained circumstances that most people are laboring under.

In short, you aren't the boss that you think you are.

00010111 said If you were really making paper then you'd realize how tough it is out there for the average person because you'd have employees working for you asking for salary advances, raises and loans due to the strained circumstances that most people are laboring under. In short, you aren't the boss that you think you are.

My boy, I run my own non profit I’ve been building for 11 years, and direct (not manage) a team of 8 with a 1M operating budget… and that’s just one source of my income. fu*k what you think you know you talking about.



Yeah it’s tough out here for the “average” person, my line of work is ensuring “average” people and youth are getting opportunities and skills they need so they don’t end up becoming 30+ still stuck doing dumb sh*t for clout like a majority of posters on BX.

Uncle Kool Aid said This article definitely talking about u

Don’t need to get into detail why this is the furthest from the truth, but god bless you if you in the situation the article is talking about

j_k1dd said My boy, I run my own non profit I’ve been building for 11 years, and direct (not manage) a team of 8 with a 1M operating budget… and that’s just one source of my income. fu*k what you think you know you talking about. Yeah it’s tough out here for the “average” person, my line of work is ensuring “average” people and youth are getting opportunities and skills they need so they don’t end up becoming 30+ still stuck doing dumb sh*t for clout like a majority of posters on BX.

You mean so they don't come on this very forum and talk like you?