Generation Groan

Parents want to cut off their kids:

Key findings from the report: Half of parents with adult children provide regular financial assistance to their grown offspring. The average support per adult child is $1,474 monthly, about 6% higher than last year. 83% of supporting parents contribute to their adult kids’ monthly groceries; 65% help with cell phones, and nearly half (46%) pay for vacations. More than three-quarters (77%) of supportive parents attach conditions to their financial assistance. 23% give money without any conditions. Nearly 50 percent of parents have sacrificed their financial security to help their grown kids financially, and most supporting parents feel obligated to help their kids with money. Working parents who support grown kids contribute over 2X more money each month to their adult children than they do to retirement funds. .... Parents continue to accept financial stress and make personal sacrifices to support their adult children's economic well-being. However, even as we see more parents providing financial assistance than in any previous year of our research, we've also detected some emerging cracks in this foundation of support. The percentage of parents who feel financially responsible for supporting their adult children has declined, while more are establishing specific conditions for continued assistance. Perhaps most notably, almost 40 percent of parents plan to end their financial support within the next two years.

Time for them to finally pay their own way...