Failure to Launch Syndrome Can Hurt Household Budgets
Half of those polled by ACCC are providing support for adult children.
(Boston, MA) – October 28, 2015 – Budget-conscious Americans say they are feeling the pinch from the responsibility of providing financial support for adult children, according to a new survey by American Consumer Credit Counseling. Half of those polled during the month of September by ACCC said they are footing at least some of the bills for at least one adult child over the age of 24.
Nearly 41 percent of those polled are providing support for one adult child. Another 10 percent are supporting two. Just one percent said they are supporting three or more adult children.
The online poll of 98 consumers was conducted at ConsumerCredit.com by American Consumer Credit Counseling - a national non-profit that helps consumers with budgeting, financial education and debt management.
According to the survey, the most common form of support was providing or paying for housing. But consumers responding to the online poll also said they are helping their adult children with household bills (26 percent), providing transportation (20 percent), covering medical expenses (14 percent), and helping with spending money and other expenses.
“Parenting doesn’t end when your children reach age 18 and, for many people, neither does the financial responsibility of supporting them,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Setting aside the often crushing burden of student loan debt, everyday expenses for adult children are something parents are trying to manage every day.”
Of the respondents who said they are supporting adult children, 76 percent said it is hurting their ability to save for the future. More than 25 percent of all those polled are providing over $250 a month worth of financial support, while 14 percent are spending over $500 a month to help their adult children.
The survey also found that 59 percent of the adult children receiving parental support live at home with their families, and 65 percent of those adult children are working.
ACCC created an infographic illustrating the poll findings which can be found here: http://www.consumercredit.com/financial-education/infographics/infographic-the-cost-of-supporting-adult-children.aspx
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit TalkingCentsBlog.com.