KTRH Local Houston and Texas News

KTRH Local Houston and Texas News

KTRH-AM covering local news from Houston and across Texas.


Some Parents Are Giving Their Adult Children 3x As Much Money As Savings

As if this Biden economy isn't bad enough, the U.S. Department of Agriculture says middle income families should expect to pay over $233,000 to raise a child through the age of 17.

But there's more!

A new survey found that some parents are giving their adult children, 3 x as much money as they're putting into their savings.

"They put less into savings than they spend on their kid, that's a problem with the parents" said local financial planner, Richard Rosso, "And if I'm giving more to my children than I'm putting away for my own future, where I have no one that's going to take care of me or bail me out, that's a problem."

The survey also found that 45% of parents are still paying for their adult children's expenses.

"Parents are just having a difficult time setting the boundary" Rosso told KTRH, "So part of it's that, the other part is the out of control college costs. But it's up to the parents ultimately to say, you need $800 a month, I can give you $200 a month, you go ahead and work for the rest."

Young girl and father putting money into savings jars

Photo: Getty Images

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