A friend of mine shared with me that a friend of his, the father of two Millennial generation young adult males actually budgets a monthly amount this father ‘pays’ his sons in order to assist with paying their bills: mortgage/rent, mobile phones, car loans, food and entertainment, etc. A new CIBC survey of parents of Millennials finds two-thirds are feeling the financial pinch of supporting their adult kids. 25% are paying out more than $500 monthly to cover their grown kids costs. 47% say this hinders the parents ability to save for retirement, while 20% declare financially supporting their Millennial generation adult kids is delaying their own retirement. There are many of these kind of stories online.
Do any of your adult kids live with you? Is it a financial burden to do so?