MINNEAPOLIS — It's probably no surprise that many parents are helping their adult children with loans, rent, car payments and utilities long after college graduation, according to a new survey.
Ameriprise Financial recently conducted telephone interviews with 1,001 baby boomers with $100,000 or more in investable assets, 300 parents of baby boomers and 301 children of baby boomers at least 18 years old. The financial services company found that two-thirds of parents are helping their adult children pay off college loans, and more than half are contributing to the purchase of a car.
More than one-third are helping to cover living costs that include co-signing loans or leases, medical insurance, rent, utilities and car payments. In addition, many parents are allowing their children to move home and live rent- free, according to the survey.
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Graduating seniors owe more than $20,000 in student loan debt on average and the median credit card debt of college seniors was $2,500 according to a 2008 US Public Interest Research Group's Education Fund study, Ameriprise Financial cited.
Only 39% of boomers surveyed in the study said they regularly talk about finances with family, and financial literacy is a subject rarely taught in schools.
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