Half of American parents are now subsidizing their adult kids' basic survival to the tune of $1,474 per month — because this is what happens when wages stay flat for decades while the price of everything keeps going up.
According to an article in Savings.com, the biggest expenses. basic necessities like groceries, with 83% of parents helping their kids eat actual food. Remember when entry-level jobs could cover minor luxuries like instant ramen?
Working parents are now contributing twice as much to keeping their adult children housed and fed as they're able to save for retirement. That's exactly how this is supposed to work in the richest country in the world!
Savings.com researchers said: "The ongoing need to financially support struggling adult children is placing significant strain on many parents' financial security." Translation: The system is broken, and families are left holding the pieces together with whatever they've got left.
Now excuse me while I call my parents to "catch up."
Previously:
• Nudging doesn't give poor people retirement savings, it just makes them poorer
