About 60% of parents are supporting their children financially, a report released Tuesday by LIMRA found. Furthermore, 57% of families with adult children have at least one of those children living at home.
The kind of financial support took many forms, according to the report, from providing an allowance to paying for school. A little over a third of respondents were paying for their children's cell phone service, while about a quarter were helping with college expenses or student loan debt. Twenty-three percent were paying their kids' rent.
"Research shows that millennials have weathered the most significant repercussions from the recent economic downturn," Deb Dupont, associate managing director for the LIMRA Secure Retirement Institute, said in a statement. "While millennials are the most educated generation in history, nearly four in 10 are unemployed and many more are underemployed."
