Some parents relish their empty nest, while others find themselves supporting their grown children financially.
A mother from California, who prefers to remain unnamed, recently shared her story with CNBC about the expenses she and her husband incur to support their 27-year-old daughter.
The mother explained that her daughter moved back in early 2024. Since then, they’ve been covering around $5,000 each month, which includes $1,500 for food, $700 for transportation, and $400 for their daughter’s pet cats, among other costs.
As a result of these added expenses, the couple has decided against taking any vacations this year, and her husband is contemplating postponing his retirement. “This wasn’t part of our budget,” she admitted. “We just don’t want her to end up without a place to live.”
The father added that his decision to stay employed hinges on the health insurance provided by his job, which they currently use to cover their daughter, costing them about $600.
“I was hoping to travel more, but that’s now on hold,” the mother reflected. “We thought everything was set with our home and dog, without needing to worry so much about her health concerns.”
Recent findings by a May survey indicate that many parents face similar challenges; nearly 40% of U.S. parents say that helping their adult children has affected their savings strategies, according to Thrivent.
Some, like this California couple, have sought guidance from Kim Muench, a parenting coach focused on helping parents of young adults. She explained to CNBC that her clients often struggle with the financial stress caused by adult children living at home.
“Many parents are reluctant to seek help for themselves because they’re already spending more than they should to support their adult children,” Muench noted.
As these living arrangements extend over time, Muench expressed concerns that parents could end up providing support indefinitely. She advises that ongoing communication about financial expectations is crucial. “It’s probably not going to be resolved in one talk, so consistent discussions are essential,” she emphasized.
“And both parents and emerging adults need to display emotional maturity during these conversations.”
