Yeesh. Even when your kids are over the age of 18, you are still taking care of them. Sorry new parents!
According to a new study by 55places, many empty nesters remain financially tied to their adult children.
The survey revealed that 40 percent continue to be financially supporting their kids, spending on average $254 per month on each kid.
It also revealed that 38 percent have had an adult child move back in after moving out. The big thing is that one-quarter are still paying for their adult children’s smartphones, and 20 percent are covering the kids’ rent and groceries.
But these parents are optimistic. The study found that 86 percent think their wee ones will be financially independent within the next two years. What about the parents, though? It seems that most empty nesters are putting away more money since their kids moved out. So, what happens when they move back in?!
Come on, millennials. Give your parents a break!
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