Think our millennial kids can manage without our help? Think again. While most of us grew up in families where we fended for ourselves after we graduated from college--paid our rent, bought our food and clothes--times have changed. Not just here. In the U.K. as well. There, a survey finds that the bank of mum and dad has expanded its base to include the repository of Nan and Grandad as well.
Here in the U.S., a recent survey at VibrantNation.com found that 84 percent of those polled said they cover more costs and expenses for their grown kids than their parents did for them. Half report they spend more than $5,000 a year on their adult children's expenses. In this connected and digitized world, they are contributing toward more than the rent or the groceries.
Here's what we boomer moms and dads report we are paying for (for our college and post-college kids):59 percent are paying for the adult child’s cell phone (a percentage that doesn’t decline as the child reaches age 30).
In the U.K., a survey looked at help young adults were getting on education costs. A Saga Savings poll found that more than a third of Britain’s estimated 11.8 million grandparents have funded, or are planning to help fund, their grandchildren’s studies--to the tune, on average, of nearly £4,000 [around $6,600].
That's a good deal more than grandparents said they were saving and contributing to university costs five years’ ago. Then the total pledged was a £1,000 [$1,660]. Tuition there is roughly one-half to one-third of here.