High percentage of empty-nesters help adult kids financially

Nov 11th, 2019 | By | Category: News

Empty nesters are still financially tied to their children, according to a new study.

55places.com, an online resource of information about active-adult communities in the U.S., surveyed 1,800 parents whose adult children have left the “nest,” and found 40 percent of the parents are still financially supporting them in some capacity.

Study highlights include:

  • Their children’s cellphones are the most common expense, followed in order by rent, groceries, student loans, medical bills, car payments, weddings, dining out, and mortgages.
  •  86 percent of the surveyed parents believe their children will be financially independent within the next two years.
  • 38 percent of the parents have had an adult child move back in with them after moving out.

Millennials have been known to live longer with their parents than previous generations, as noted in the survey. The average age parents said they expected their children to move out was 21, but 49 percent of the parents said their children were 21 or older by the time they left the nest.

Overall, the majority of empty nesters say they’re able to put away more money since their children moved out, but 25 percent said saving for retirement is the main financial stress for them.

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