Kěn lǎo zú (啃老族) "NEET" , abbreviation for "Not in Employment, Education or Training", refers to those young people who are adults with working abilities but who still live off their parents; they are also called Chī lǎo zú (吃老族) or Bàng lǎo zú (傍老族).The character lǎo (老)in the phrase stands for old people, namely the parents' income and savings or their parents' money; the two characters kěn (啃) and lǎo (老) mean that those young people eat into their parents' income and savings or spend their parents' money; the characte zú (族) stands for a large number of pople.The NEET are mostly only sons or daughters who, unemployed, have no income or whose salaries cannot make ends meet. Different from the NEET are the Rushing Clan, another group of young people who are striving to be successful in their careers.
Example:
Zhang Liang graduated from a university in 1997 and got married in 2001. Since they married, he and his wife have become NEETs and have used up a considerable amount of their parents' money. So far, the couple has extracted 300,000 yuan from their parents for a car and an apartment, but this does not include expense the parents have paid out for the baby's care and feeding.
Source: The World of Chinese