I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.
A parent’s job is never truly over, but it looks like parents of Gen Z and Millennials are doing a lot more than just offering emotional support after their children turn 18.
Our new survey of 1,000 parents with kids ages 18 to 42, found more than half (55%) still help their adult children financially, sometimes at the cost of their own future.
Nearly 1 in 5 (19%) have sacrificed their retirement savings to help their children. On top of that, some are letting their kids live at home a lot longer than anticipated.
How Parents are Helping Adult Gen Zers & Millennials
Most parents who are helping their children financially expect this help to continue for a while. More than half (60%) do not think their child will become financially independent in 2023.
Nearly 2 in 5 (39%) still have adult children living at home. Those parents admitted they initially expected their child to move out when they turned 23.
Now, parents don’t anticipate becoming empty nesters until their kid is at least 27! The majority (88%) do not think their child will move out in 2023.
The main reason many adult children remain at home is due to high housing costs. Another key reason is schooling with many staying home while they figure out their career path.
However, 1 in 3 (33%) parents said their adult kids aren’t ready to live independently and remain at home because they want to keep living there.
Supporting Adult Children at Home
About 1 in 5 (20%) parents believe their children have grown too dependent on them. More mothers (23%) than fathers (16%) feel this way. But most parents with adult kids still living at home overwhelmingly feel happy about the situation, and 94% have not asked their children to move.
In fact, parents are doing a lot more than giving their kids a place to sleep. More than 2 in 3 (68%) admitted they still make meals for their adult children, and 43% do laundry!
About 1 in 4 (24%) schedule doctor appointments, and, if you can believe it, more than 1 in 10 (11%) wake their adult kids up for work! However, some parents are making sacrifices of their own by letting their kids remain at home.
About 1 in 6 (16%) shared they are putting off downsizing or moving. Others admitted to delaying vacations, home renovations, hobbies, and even retirement!
What Empty Nesters are Doing for Their Kids
More than 2 in 5 (61%) parents surveyed were empty nesters, and while 76% like it, 24% do not. More women (28%) than men (19%) are not a fan of only living with their partners.
Nearly half of empty nesters have experienced ‘empty nest syndrome’ which is when parents feel more depressed after their children leave. Again, more women (55%) than men (36%) have dealt with that struggle.
However, nearly 3 in 5 (59%) shared they felt less stress financially since becoming empty nesters. It turns out, some empty nesters would prefer to be closer to their children, at least in terms of proximity.
Nearly 1 in 6 (16%) have moved to be physically closer to their adult children. More than half (51%) of those moved out of state! On average, parents moved 720 miles to relocate.
While kids were the top reason parents packed up their life… it wasn’t for their sons and daughters. Instead, the main draw for more than 2 in 3 (67%) was grandchildren!
As parents of Gen Z and Millennials continue to age, some wouldn’t mind turning the tables on their kids! Nearly 2 in 5 (38%) would consider moving in with their children in the future, and 1 in 10 are planning to live with their children when they retire.
Methodology
From February-March 2023, we surveyed 1,001 parents of Millennials and Gen Z (children ages 18 – 42) about their relationships with their adult children. 61% were empty nesters and 39% were not. Survey respondents ranged in age from 34 to 85 with an average age of 58. 56% were women and 44% were men.
For media inquiries, please contact [email protected].
Fair Use: When using this data and research, please attribute by linking to this study and citing Retirement Investments
I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.
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