The average amount of financial support parents provide to their grown children is as follows:

If you have children, you are basically signing up to care for them for life. Of course, your child may not need to be spoon-fed or picked out clothes by a certain age. You may not even need to drive. But eventually, you will always be a parent, even when your children grow up and have children of their own.

Because of this, you may be inclined to want to support your grown children financially as much as possible. But recent data shows that today’s parents are taking things too far.

A recent study by Savings.com found that, on average, parents who provide financial support provide $1,384 per month to their children. And that’s an amount you might find difficult to part with.

However, providing less monthly financial support to your grown children could still be detrimental to your finances and future. So, you may need to rethink your approach to parenting in this regard.

Can you afford to provide financial support to your children?

Maybe you are someone who has a significant amount of savings for both the short term and the future. If you are completely set on your own financial needs and goals and are confident that you have room in your budget to help your grown children, why not? However, if you find it difficult to find money to give to your children, you should not force yourself to provide financial support.

reason? Every dollar you give your grown children is a dollar they can’t put into a 401(k) or IRA for retirement. It’s also money you can’t use to build an emergency fund. And putting your child’s financial needs ahead of your own can backfire on you. If you struggle to pay your bills in retirement and unexpected expenses arise, you could end up racking up expensive debt in the near future.

Let’s say you actually give your child about $300 a month, rather than about $1,384 a month. You might think you can afford it because you’re paying your bills just fine without it. But what if you’re 15 years away from retirement?

If you invest that money in an IRA or 401(k) that generates an average annual return of 10%, which matches the stock market average over the past 50 years, you’ll add more than $114,000 over the long term. Total savings. It’s huge.

There may be other ways to help

Young adults today are going through some pretty tough times. Many people are grappling with leftover debt from college and have been left with bills at a time when inflation remains a problem. And let’s not forget the exorbitant costs of childcare or buying a home.

Because of all these things, in addition to your love for your grown children, you may be inclined to help them financially. But if doing so means giving up money you need to save, it’s not a good idea. So think about ways you can provide indirect financial support.

Maybe your job is flexible and your grown son and his wife both work in an office. If you can pick your granddaughter up from the bus stop and go there every day, you’ll save $30 a day you’d otherwise have to pay for an after-school sitter. Or, if you’re someone who cooks often, you can make extra meals and bring leftovers so you don’t have to run for takeout when your work schedule is tight and you don’t have time to prepare food.

These are just a few examples. But the point is, if you can financially support your grown children, do so. If not, it’s a good idea to put your own needs first and find other ways to help without sparing the money necessary to ensure your own happiness.

NOTE: Our top-tier cashback cards now offer a 0% introductory APR through 2025.

This credit card isn’t just good. A truly outstanding card that our experts use personally. Features a long 0% intro APR period, cash back rates of up to 5%, and no annual fee! Click here to read the full review for free and apply in just 2 minutes.