The parents cell phone plan must still be quite a deal for adult children as 38% of empty nesters report that they share paying that bill for their offspring.
55places.com surveyed more than 1,800 empty nesters about the pros and cons of their kids moving out, such as: did they experience grief; did they throw a party; did they become closer to their spouse after the kids moved out?
While empty nesters may taste newly found freedom, their wallets still seem to be tethered to their children. According to respondents, nearly 40 percent are still financially supporting their children in some way. Of those, parents still spend an average of $254 per month on their child or children. Some of the top expenses that respondents said they still pay for include cell phone (24 percent), rent (19 percent), groceries (18 percent) and student loans (15 percent). Despite still paying for their children’s expenses, 86 percent believe their children will be financially independent within the next two years.
Overall, empty nesters said they are saving money since their children moved. Exactly 50 percent said they are saving more for retirement, but 23 percent said saving for retirement is still their biggest financial stress since becoming an empty nester, which was followed by making the mortgage payment (17 percent).