NEW YORK — Many American parents are helping their adult children financially, according to a new survey from CreditCards.com.
The website polled 3,583 U.S. adults and found that 74 percent of people with children older than 18 have helped their kids pay living expenses, or pay off debts.
Cell phone bills were the number one item that parents pay for, at 39%. That was followed by transportation costs, including car repairs, gas, and tickets, at 36 percent.
A small percentage of parents helped their children pay personal loans or make mortgage payments. Only 16% of parents surveyed say they would help a child pay off a credit card bill.
According to the poll, married people were more likely to help out their kids, with men being significantly more likely to help pay for expenses like rent.
The survey of more than 3,000 adults was done online between November 15 and 19.AlertMe