Budget-conscious Americans say they are feeling the pinch from the responsibility of providing financial support for adult children, according to a new survey by American Consumer Credit Counseling. Half of those polled during the month of September by ACCC says they are footing at least some of the bills for at least one adult child over the age of 24.
Nearly 41 percent of those polled are providing support for one adult child. Another 10 percent are supporting two. Just one percent says they are supporting three or more adult children.
The online poll of 98 consumers was conducted at ConsumerCredit.com by American Consumer Credit Counseling – a national non-profit that helps consumers with budgeting, financial education and debt management.
According to the survey, the most common form of support was providing or paying for housing. But consumers responding to the online poll also says they are helping their adult children with household bills (26 percent), providing transportation (20 percent), covering medical expenses (14 percent), and helping with spending money and other expenses.
“Parenting doesn’t end when your children reach age 18 and, for many people, neither does the financial responsibility of supporting them,” says Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Setting aside the often crushing burden of student loan debt, everyday expenses for adult children are something parents are trying to manage every day.”
Of the respondents who say they are supporting adult children, 76 percent says it is hurting their ability to save for the future. More than 25 percent of all those polled are providing over $250 a month worth of financial support, while 14 percent are spending over $500 a month to help their adult children.
The survey also found that 59 percent of the adult children receiving parental support live at home with their families, and 65 percent of those adult children are working.