Almost Half of Louisiana Parents Pay Bills for Their Adult Children

Almost half of Louisiana's parents are shelling out plenty of money to help their adult children financially by paying their credit cards and funding vacations according to an annual study by savings.com.

While digging into the numbers of their report, we find some very interesting things. Parents really make sacrifices. According to the study, 58% of parents have said they do sacrifice their own financial security to make sure they can help their adult children.

Officials with savings.com say that the percentage of parents who put their own futures in jeopardy to help their kids soared from 37% last year to 58% this year.

There is no judgment in this story; we are just sharing the facts. Here are some other key findings of how our parents are helping adult children:

• 61% of adult children who are living with their parents DO NOT contribute anything to the household; meaning they don't pay any rent.
• 46% of parents give money to their kids to spend on whatever they want including vacations.
• 18% of parents say they give their children money to pay off their credit cards.

In addition to this survey, we also just researched a story written by debt.com that shows two out of every five people are using their credit cards just to make ends meet.

Even more frightening, one out of every three people has maxed out their credit cards due to inflation. While prices for some goods have come down, for the most part, inflation isn't going anywhere.

Most parents are helping their children and not putting that money into retirement. How much money are parents giving to their adult children? The average that parents give is $1,384 for all children 18 years old and older.

The number pops up if parents are supporting Gen Z children. Those are children between the ages of 18 and 27. Parents give them on average about $1,515. For parents supporting children between 28-42 (millennials), they give $907. Those in Gen X get about $960 in support.

One pretty interesting graphic about how parents feel about their retirement is that the numbers are relatively close when asked if they feel stressed about retirement and whether they are supporting their children or not.

That's very telling. In the financial world today I think everyone is worried about the future especially when it deals with retirement. No one knows what the future could hold.

Parents in every age category help their children with food and other grocery items the most. That makes plenty of sense as prices for some items still have not come down from the pandemic.

You can click here to see the entire report.