Gen Z and millennials continue to navigate difficult economic waters. As a result, many parents have opted to make cuts into their retirement, go back to work full-time, or pick up a side hustle to help their kids gain their footing.
USA Today surveyed 5,000 parents of adult children between the ages of 22-40 to learn about whether or not they financially support their children, along with what their beliefs are on children being financially supported once they are old enough to earn their own living.
Highlighted Findings:
- Arizona is the #7 state where adult children are the least financially supported by their parents.
- 58% of Arizona parents report giving some form of financial support to their adult kids.
- On average, parents in Arizona give their adult children $512 monthly to make ends meet.
- 23-24 is the average age Arizona parents believe their children should be financially independent.
- Only 8% of Arizona parents help pay off their child’s debt.
Read the full study here: https://www.usatoday.com/money/blueprint/credit-cards/study-parents-still-financially-support-adult-children/
