American parents say their children are most expensive when they're all grown up

#1

The bank surveyed more than 2,500 American parents and found that 79% of parents continue to provide financial support to their adult children — contributing to an estimated $500 billion annually. That’s twice the amount they save for retirement — $250 billion annually — according to the report. There are 173 million parents in the US, according to Merrill Lynch.

Of the $500 billion total amount parents are spending on adult children, college education comprises about one-fourth, according to the report; groceries and food cost $54 billion annually and cell phone service costs $18 billion, with many parents covering the full cost, not just handing over a few dollars.

But that total doesn’t count big-ticket items — about 60% of parents help pay for their adult child’s wedding and 25% help pay for their child’s first home. Asian parents are most likely to provide financial support for their adult children, especially when it comes to education expenses, according to the report.

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#2

According to the report, 31% of early adults aged 13 to 34 live with their parents — a 50% increase from 1960 and a higher percentage than those in the same age range who live with a spouse.

“Compared to all I’m spending on my two adult children’s upkeep, having them boomerang back and live at home would be relatively inexpensive,” one focus group participant said.

#3

in most cultures, a person is an adult when their school ends.
for americans, probably high school is the last point at which they are no longer their parent’s responsibility.

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#4

Obviously you need to find yourself an Asian parent.

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#5

Again, I am not adopting a tomato…:grinning:

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#6

I am way past any age for being helped :slight_smile:

#7

…but if someone gave you a phat red envelope you are not going to be rude and refuse it right???:grinning:

#8

We can meet if you have some red envelope to give away. Until then, i am still waiting to be adopted by a #crazyrichasian parent, or a #crazyrichbuilderparent :stuck_out_tongue:

#9

Unfortunately, only single folks can still get them. Talk about a disincentive to get hitched. If anything, single Asian kids need to give red envelopes to their parents because they are so pathetic…

#10

Happily married.

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