GREENSBORO, N.C. — If you're a parent, you know the scenario of handing out money to your kids. When your kid is in school, even through college, it's kind of expected that you as a parent will pay for things. The question is, when does that stop? Does it?
Check out this survey of 2,500 people from Magnify Money.
They asked do you receive financial support from your parents?
Of course, Gen Z is the highest percentage of adult kids getting help, but that's expected as most are in high school or college.
The other generations fall this way: 28% of Millennials say they get help from mom and dad including living at home and 14% of Gen X get help with something, whether that be a car payment or rent or some help with bills.
Interesting side note about Gen Z, the majority said they still lived at home and the bill they wanted help with the most was their cellphone bill.
Magnify Money also asked the question, Have your parents ever supported you financially as an adult? The answers include everything from; helped me pay for college, allowing me to live rent-free, paying off my debt, or helping with a home down payment.
It’s interesting to note, 44% said my parents never supported me in any way.
On the other hand, there are adult kids who are paying for their parents. About 21% of those surveyed said they were helping their parents. The largest group was Gen Z, but some of that is them saying they live at home with their parents.