The bank of mom and dad: Nearly 1 in 3 adults still get financial support from their parents post-Covid
took an added toll on this demographic, in particular. And even as hiring picks up, the unemployment rate among 25-to-34-year-olds remains higher than the national average.
For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is at risk. From medical coverage to auto insurance, groceries and Netflix, those added costs can derail the best made retirement plans. Of course, not all parents can afford to help and, in some circumstances, the financial support goes the other way.
Roughly 21% of those polled by MagnifyMonday said they are currently providing financial support to their parents, often in the form of rent or utility payments. To become financially independent, Francis recommends taking immediate steps to live within your means and slashing expenses, if necessary"Think about your spending from March 2020 to March 2021," she said. "We had the highest savings rate in decades — we can do it, we did it."