Grown Up Kids Going Back To The Nest

MIAMI (CBSMiami) – More and more grown children turn to mom and dad and end up back in the nest when their own money gets tight, according to a study at Clark University. Parents should know that extending the safety net could leave them with a major price to pay down the road.

Laura Anderson-Hennessey said that her family is very tight, so tight that two of her three grown children still live at home.

"It's a crazy house. Chaos is the normal but it's a good chaos," said Anderson-Hennessey.

Her kids receive free rent, free groceries and she even covers the cell phone bills for all of them.

"You need help, we help," said Anderson-Hennessey.

Michael said that his college loans and high rent forced him to move back home at the age of 23.

"Being an adult is no fun," said Michael.

At age 20, Kristen took a semester off from school and helps her mom run their family day care business.

"I'm hoping in the next couple of years to save up enough money to get out on my own," said Kristen.

Laura's middle son, Tim, doesn't live at home. He is out on his own, working two jobs to get by but he still needs help from time to time.

According to experts, this family dynamic is the "new normal."

Clark University professor Jeffrey Jensen Arnett said that it's not done at age 18, the adventure has only begun.

Arnett wrote a book called "When Will My Grown Up Kids Grow Up?" and he said that the answer to that question is eventually, probably later rather than sooner.

How much later?

According to a poll taken at Clark University, 44% of 18-29 year olds said they get frequent or regular financial support from their parents.

"There are a lot of people who disapprove of the fact that it takes so long to grow up today, but it's difficult in your 20's," said Arnett. "The kinds of jobs that you're able to get in your 20's."

Without their children having the right job, parent s often try to pitch in.

"You put yourself last all your things get put on hold," said John Pastore, a financial adviser at Integrated Financial Partners/Lincoln Financial."That's the choice you make as a parent."

"It's easy to say I'm not going to put into the 401k this month or this year just because I want to help my child but in the long run they are not going to have the assets they need to retire," said Pastore. "It's important for parents to sit down with their kids and talk about the plan with capital "P"."

So far Anderson-Hennessey said her retirement plan will be dependent upon her kids to return the favor.

"I told my kids that when I get old who do you think they're going to be taking care of," quipped Anderson-Hennessey.

A separate survey found two in five parents are still paying their children's cell phone bill, sometimes for kids as old as 35.

There are also car payments, car insurance and even more bills parents are being asked to help out with until their children find a good enough paying jobs to afford today's higher prices.