Whether it's $100 a month for food or $500 toward a student loan bill, empty nesters are still financially supporting their adult children in some capacity.
As a result, nearly a quarter, or 24%, of empty nesters are covering cell phone expenses, while 19% of parents help with rent and another 18% foot the bill for groceries, 55places found. About 15% help cover their child's student loan repayments after graduation.
More millennials are also living with their parents longer. The average age parents expected their children to move out was 21, but nearly half said their child was 21 or older by the time they actually left the nest, 55places found. The site surveyed more than 1,800 empty nesters between June and July.
found that 58% of early adults, which Merrill defines as those between the ages 18 and 34, said they would not be able to afford their current lifestyles without parental support.
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