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Parents Foot Bill for Post College Expenses, Survey Shows

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.

By Michelle A. Samaad | Updated on September 10, 2008

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.

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