Washington 1st in US for parental financial support of adult children, study reveals

WASHINGTON — Washington is the state with the most adult children—ages 22 to 40—supported by their parents, according to a study from USA Today. With a total of 71% of parents financially supporting their adult kids, Washington ranks first for many factors.

The study surveyed parents of Gen Z and Millennial adults in states with populations of 2 million or more to find out where adult children are receiving the most financial support from their parents.

Financial support

According to the study, parents in California, Washington, and Virginia average more than $800 per month in financial compensation for their children. Washington topped the charts with an average of $869.50 a month, while parents in Iowa contributed an average of $349.

The study also factored in the total percentage of parents who were offering support and the variety of support offered, and Washington was in first place again.

Washington parents are also the most likely to pay for family-wide entertainment subscriptions such as Netflix and Spotify.

A category without Washington on top from the study was the states where parents were most likely to help pay off debt. Parents from New Jersey, Pennsylvania, and California led the category.

RELATED: 92% of students concerned they won't have enough money to pay for fall term, study shows

Financial independence

USA Today also asked parents what age they believe their child should be financially independent. The findings varied based on state as well.

In states with higher costs of living—such as New York—the study showed parents don't expect their children to be financially independent until they're nearly 26, while the average age in New Mexico and Nevada was just under 23.

Washington was sixth on this list, with an average age of 25 when parents think their children should be on their own financially.

Support in the current economic climate

The past few years haven't been easy, the article said, so it's reasonable to believe that a big percentage of parents believe their grown children still need support.

While some parents make their aid conditional, nearly half of those asked were willing to keep providing financial help with no strings attached.

RELATED: Survey finds many parents dip into retirement, emergency funds to help adult children

According to USA Today, 51% of parents believe Millennials need more financial support than previous generations given the economic climate. The study also revealed 84% of parents who financially support their adult children say their support doesn't create resentment or tension in the relationship.

Although financial support is quite common, USA warned, it doesn't mean that it's a "free-for-all."

While many parents are willing to hand over aid without any contingencies, a majority note that certain goals or thresholds must be met to maintain their support. For example, for 74% of parents who put contingencies on their help, it could mean that the recipient must have a job, go to therapy, or avoid risky behaviors.

Only 31% of parents, however, state there is a time limit for how long they’re willing to financially assist their children.

Financial Despair

Americans around the country are oft-concerned about financial situations, with many people taking a second job or deciding to put off retirement.

READ MORE:

• 18% of millennials, 12% of Gen Z believe they will never own a home
• Baby boomers buck trend, become biggest share of home buyers
  
• Fact Check Team: One in five Americans concerned about inability to retire amid financial woes
  
• High cost of living prompts more workers to take up second job
  

According to a report from Redfin, 18% of millennials and 12% of Gen Zers surveyed said they believe they will never own a home. Meanwhile, baby boomers are now the generation that buys and sells the most homes in the country.