An astounding 75% of parents with adult children are helping them pay some of their bills, according to a new report from CreditCards.com
The financial planning site found that most parents of kids over the age of 18 “help them pay debts and living expenses. Thirty nine percent pay their cellphone, 36 transportation, 24 rent, 21 utilities and 20 percent pay their kids’ student loans.”
“They pay everything for me, because I just turned 18,” one woman who spoke to CBS news said. She followed that up by saying she knows people in their 40s whose parents still pay their cell phone bill.
Local media covering the study found a variety of excuses from parents whose children still live at home rent-free, or who are subsidizing their kids in other ways, but most of them center around parents willing to pick up the slack while millennials “follow their dreams.”
AAN Staff
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