WA Parents Lead in Funding Adult Kids, Survey Shows – Source ONE News

In a recent USA TODAY survey spanning states with populations exceeding two million, Washington has emerged as a leader in providing financial support to adult children. The study, focusing on parents of Gen Z and Millennial adults, sheds light on the ongoing trend of parents footing bills for their offspring's phone plans, health insurance, streaming services, and more, well into adulthood.

Key Findings in Washington:

- High Level of Support: Washington parents rank second in the U.S. in terms of financial assistance per month to adult children aged 22-40. They provide an average of $853 per month. Washington is first in America for total support provided to adult children.

- Financial Strain on Parents: One in three parents in Washington report that supporting their adult children financially puts them under strain.

- No Contingencies: 43% of Washington parents offering support do so without any contingencies.

Nationwide Trends:

- 65% of American Parents Provide Support: Across the U.S., 65% of parents help their adult children financially.

- Financial Independence Expected: On average, American parents believe children should be financially independent by age 24.

- Support Varies by State: The support varies significantly across states, with California, Washington, and Virginia parents offering over $800 monthly on average.

Types of Support:

- Washington parents are notable for paying for their children's entertainment subscriptions, such as Netflix and Spotify.

- Groceries and housing are the top types of financial support provided by parents nationwide.

Opinions on Financial Independence:

- The expected age of financial independence varies by state, with parents in high-cost states like New York expecting it nearly at age 26, while those in states like New Mexico set the age just under 23.

Economic Climate's Impact:

- 51% of parents nationwide believe Millennials need more support due to the economic climate.

- 84% report that supporting their adult children does not cause resentment or tension.

Recommendations for Parents:

- Budgeting for Support: Parents are advised to include financial support as an expense in their budget.

- Retirement Planning: Parents should periodically review their retirement outlook, especially if they are supporting their adult children.

- Using Rewards Credit Cards: For direct payments like groceries or subscriptions, using a rewards credit card can be beneficial.

- Credit Building for Young Adults: Parents can help their young adult children build credit by adding them as authorized users on credit cards.

Survey Methodology:

The survey, conducted between October 5-19, 2023, polled 5,000 American parents from 36 states. It aimed to gauge the level of financial support offered to adult children, considering the dollar value, variety, and percentage of parents providing support. Washington's high ranking underscores the continued financial dependency of many young adults on their parents in today's economic landscape.

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WA Parents Lead in Funding Adult Kids, Survey Shows - Source ONE News