Many adults looked to their parents for safety during the pandemic.

According to A.A., 50% of parents who have a child aged 18 or older provide at least some financial support. This includes food, paying for their phone plans, and covering medical expenses. report by Savings.com.

According to the report, parents pay an average of $1000 per month for such expenses.

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Many young adults are facing financial difficulties as they start their careers. This includes a lackluster job market and high debt. student loan bills from school and soaring housing costs. 

By 2020, half of all people will live with their parents. temporarily spiked to a historic high.

Savings.com revealed that 62% adult children who live at home aren’t contributing to household costs. 

Now, inflationPoses new challengesFor financial freedom.

Parents may find it difficult to support their grown children at a time of financial uncertainty. 

Shelly Ann Eweka, senior vice president of financial planning at TIAA, stated that parents should not only take care of their adult children but also themselves.

“It’s the same as when you fly, where you have to be able to use your mask in an emergency. The flight crews will tell you to do this before helping other passengers.”

When you spend money supporting your adult children, that drains the funds you could have put toward other financial goals, such as paying off debt, saving for long-term health-care costs and retirement planning, Eweka said.

She added that it is a good rule of thumb to save money first for emergency and retirement.

“It is important to prioritize where your money should go.”

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