New Jersey Parents Rank Third on Amount of Money Spent On Their Adult Kids
This holiday season when you see extended family members for Thanksgiving Dinner and Christmas Festivities, you may want to avoid talking about how much you financially support your fully grown children.
This is because a recent survey by USA Today found that 65% of Parents in the United States are giving their children between 22-40 years old some form of financial assistance and the average monthly amount is $718 that these parents are spending on their Kids as Adults. In fact, one in three parents surveyed who are financially supporting their fully grown children admitted to USA Today that this puts a strain on their own financial stability.
When USA Today ranked each state by how much total support parents are giving their Adult Children, New Jersey landed as the second highest on the list. According to their survey results, New Jersey parents are among the most likely to help their kids over the age of 22 with paying off their debts.
Even though New Jersey Parents provide less literal money to their fully grown kids each month ($583.30 lands the Garden State at 19th on that list), these parents are supporting their adult children in other ways. On the list of ways Parents are supporting their children over 22 years of age includes:
*Keeping the kids on the parents' phone plan
*Pay for utilities like the Electric Bill
*Cover medical bills and/or health insurance
*Pay for Streaming Services like Netflix, Hulu, etc
*Take care of Car Insurance and/or Car Payments
What is interesting about USA Today's survey results, New Jersey's neighboring states are much lower in the rankings than you would expect, suggesting parents in other states don't find it as necessary to financially help their adult children as parents in the Garden State. The state of New York is 12th in the rankings and Pennsylvania is 35th in the rankings.
For context, we must remember that New Jersey residents pay the third most for Household Expenses in the United States, so for many of these parents there are some unavoidable reasons why they feel they must help their Adult Children. This Thanksgiving, let us all be thankful for all the good our parents do for us and we let them know how much we appreciate them.
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Gallery Credit: Mikael Donnovan