(AmericanProsperity.com) – Many American parents have come out to talk about how they are supporting their adult children financially and how it affects their personal finances.
Roberto, who is sixty years old, and from California, discussed his adult son and how he’s been paying him two thousand dollars per month to help out with his expenses. “My son is 29. He has a college degree in maths and finished an intensive three-month boot camp in data analysis ten months ago, which cost $15,000. He has been looking for a job matching his training and abilities but has not found anything so far. He and his wife are renting a small studio, and my payments cover the rent. I have been supporting him in this way for the past seven or eight months.”
According to a new study that was done on American parents, more than half of them are providing financial support to their adult children. This situation has become the norm for many as the younger generations are facing extreme inflation and higher living costs than their parents did. However, multiple parents have said that helping their adult children with finances has diminished and damaged their financial situation.
Roberto spoke out more about the struggles that his son is having when it comes to finding a job in his field of study. Roberto said, “Not having work experience in his area of expertise seems to be the biggest roadblock that prevents my son from getting a job, every place asks for two years’ experience.” He continued to say that his son could get a low-scale job but that he didn’t want him to compromise after going to school to get a degree in his field.
Many parents have said that the economy is excluding qualified people because of the lack of experience that they have or the competition with other applicants.
Another father spoke out saying that he’s helping his daughter pay off significant credit card debt. He said that he’s struggling to provide financial support to multiple children including serving as a daycare, providing food, helping them to buy a house, and paying out cash deposits to support them.
Overall, it’s a common dynamic for American parents to be supporting their adult children in the current economy.
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