Parents reveal how they told adult children to move out or stopped paying for them, as its revealed 20% of men and 12% of women aged 25-34 still live at home

Parents fed up with supporting their children well into adulthood have revealed how they ultimately pushed them to move away or start paying their own way.

The current economic climate ensures that many children are financially supported for much longer than previous generations.

A recent USA Today survey found that more than half of parents still provide financial support to their adult children under age 40, giving away an average of $718 per month.

A Bankrate survey found that nearly 70 percent of parents say they are currently making sacrifices to help their child financially.

But for Nancy Clark, when her son Reid turned 28, it was time to consider cutting the cord.

“I know becoming financially independent must be a bit painful,” she told the newspaper Wall Street Journal.

The two had previously discussed moving, but over dinner in June 2022, she gave him a one-year deadline to find a new place.

They set a date and Reid quit his job at his family’s ice cream parlors in New Hampshire to move to St Paul. Minnesota, where he works as a hockey team mascot in addition to a role in the M&M store.

Initially, his mother bought groceries when he first moved and still gives him about $50, but Reid no longer relies on her.

“I want to chart my own path in life,” he told the WSJ.

About 20 percent of men and 12 percent of women between the ages of 25 and 34 lived at home last year, according to Census Bureau data.

This was the case with Kaufman family daughter Ashley, who was told to leave their Manhattan apartment after saving $100,000 for a down payment on a house.

She reached the goal at age 25, but was still nervous about leaving because she worried she would miss time with her siblings and the family pets. Her parents encouraged her to find her own place.

And just two years later, she is happily ensconced in her own apartment.

“I’m glad my parents gave me a push,” she said.

The pandemic has exacerbated many of the challenges young people face as they try to strike out on their own.

In addition, the rising costs of food and rent today leave many stuck in their family homes.

But Pam Lucina, 52, remembers facing similar problems when her parents first cut their wallets.

She graduated with $40,000 in student debt after choosing an expensive graduate school where she assumed her parents would foot the bill.

The decision meant she couldn’t contribute to her 401(k) for five years and informed her decision to become a financial advisor.

“I know my parents sacrificed to give me what they did and I am grateful for all their past support, but I wish I had been better prepared,” she told the WSJ.

Wealth strategies advisor at Bank of America Private Bank Rocky Fittizzi told the newspaper that a “gradual approach” may work best.

‘Framing the conversation around achieving financial independence gives it a positive spin. “If you tell your children you are cutting them off, it suggests it is a punishment,” he said.