Should you financially support adult kids?
Some parents will tell you firsthand there’s no expiration date on this raising kids gig. For some, that means they extend financial help to their kids into adulthood. When I was 21 and got into a master’s program at a college of my dreams, my mom swooped in to help me pay for my degree. Many parents have been kind enough to do this and more.
When I say “many,” I’m backed up by a 2023 survey from Savings.com that found 45% of parents with a child 18 or older spend an average of over $1,400 per month supporting their kids financially, excluding adult kids with disabilities.
But is this financial support always a good idea? A certified financial planner and a therapist who both have experience in this department share their thoughts.
Why parents support adult kids
There are many reasons a parent may choose to support their adult kids. Disabilities and wanting to help them achieve major life milestones are a couple. Shelmeshia Hill-Brown, the CEO of Wholistic Resolutions LLC in Chesapeake, Virginia, is a social worker and therapist who works with parents who financially support their adult kids. A major theme she sees is parents helping pay for school, especially since the pandemic. Buying a home and exploring infertility treatments are other reasons her clients financially support their kids.