A new survey shows how the pandemic has hit younger adults harder than their parents.
CreditCards.com finds nearly half of parents have given their adult children money over the past year.
Senior financial industry analyst Ted Rossman with CreditCards.com tells KNX 1070 News the average was more than $4,000.
"And they are using the money for very practical things so it does show this is more of a necessity. We found that food and housing were the two biggest categories these adult children are using the money for," Rossman says.
Rossman says the vast majority of parents are giving money that would've gone toward their own personal finances.
He says if you want to help your children with money, call it a gift rather than a loan so there are no future conflicts.
LISTEN on the Audacy App
Sign Up and Follow Audacy
Facebook | Twitter | Instagram
