Carissa Rawson, Glen Luke Flanagan and Robin Saks Frankel:
The gravy train is still chugging along for many young and not-so-young adults, as their parents continue to foot the bill for phone plans, health insurance, streaming services and more.
We surveyed parents of Gen Z and Millennial adults in states with populations of 2 million or more to find out where adult children are getting the most financial support from their parents.
Key findings
65% of parents give their adult children (ages 22-40) some kind of financial support.Of those who support their over-age-22 offspring, the average monthly amount is $718.
1 in 3 parents who support their adult children say it puts them under financial strain.American parents on average believe children should be financially independent by the age of 24.
43% of parents who continue to support their children in adulthood say the support is offered with no contingencies.
Parents in Washington, New Jersey and Virginia offer the most financial assistance of the states examined to their adult children.
Parents in North Carolina, Pennsylvania and Wisconsin are least likely of the states examined to offer financial support to their adult children.