Growing Living Costs Prompt More Adults to Rely on Parents For Financial Support


It is no secret that living is more expensive than it was in previous years. Across the board, costs for necessities are skyrocketing. Interest rates are rising, to boot, therefore making it harder for folks to get out of debt once they fall in.

At this point, economists predict that a 2023 recession is very much possible. Already, job layoffs are becoming more common as employers try to shield their profit margins and bottom lines.

Just about everyone is feeling the sting of inflation and growing living costs these days. Now, a new study reveals this is leading to more adults depending on their parents for financial support and security.

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Findings from Credit Karma

According to fresh data from Credit Karma, 31% of parents are giving their adult kids funds for things that go beyond what many consider to be the basics. Of this 31%, 51% are letting their adult children live at home with them.

This comes on top of 48% of these parents paying bills for their adult children. Finally, an additional 24% are giving their kids over 18 allowance money or checks.