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New report finds half of American parents are financially supporting their adult children

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Cell phone bill FILE PHOTO: If your kid is 32 and you’re still paying their cell phone bill, you’re definitely not alone. (PAWIN PUMMARIN/Pawin - stock.adobe.com)

ATLANTA, GA — If your kid is 32 and you’re still paying their cell phone bill, you’re definitely not alone.

A new report from savings.com finds that half of American parents are financially supporting their adult children and it’s costing them almost $1,500 per month.

Those numbers represent a three-year high.

Data shows that wages are lower for people in their 20s and 30s than they were for their parents, and about one in three adults still lives at home.

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