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American parents stepped up to help their adult children in the last year.
More than three-quarters of parents provided monetary support to at least one son or daughter who was 18-years-old or older during the COVID-19 pandemic, and they dipped into their personal funds to do so, a new CreditCards.com survey reveals.
The parents who sent money to their offspring reportedly opted for different amounts.
Forty-seven percent of parents say they gave their children more than $1,000 and 28% say they gave more than $2,500. Nearly one-fifth (18%) of parents went the extra mile and gave their adult children more than $5,000.
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On average, adult children in the U.S. received $4,154 from their parents throughout the pandemic, according to CreditCards.com’s survey.
Not so surprisingly, parents that had a higher household income were able to provide more in-kind support.
For example, households that made more than $80,000 annually gave adult children $8,530 on average while households that made between $40,000 and $80,000 annually gave $,2170 on average. Households that made less than $40,000 annually gave adult children $1,403 on average.