Navigating the Financial Independence Divide Between Parents and Adult Children

A new report by Bankrate.com found that young adults believe 21 is a good age to start paying some of their own expenses, while older generations think their kids should be completely financially independent by then. Millennials and Gen Z face financial challenges that their parents did not, including carrying much more student loan debt and lower wages. 68% of parents with children over age 18 are making a financial sacrifice to help support them, spending more than $1,400 a month on average. However, supporting grown children can be a substantial drain on parents' own financial security.