Intergenerational relations are characterised by reciprocal transfers and solidarity over the shared life span. Children care for their elderly parents, and parents support their adult children financially, for example, during their education or when they start their own household and family. From a life course-perspective, we analysed mutual transfers between parents and their adult children: Are transfers balanced over the life course and family-stages? Do we find patterns of direct or indirect reciprocity? Which factors facilitate exchange, and which do not? Using multinomial multilevel regression analyses based on the Survey of Health, Ageing and Retirement in Europe (SHARE) we trace transfers of time and money between parents and adult children back to opportunity, need and family structures. Remaining differences between European countries are explained by cultural contextual structures, here: family expenditures. The exchange between generations is reciprocal, but not necessarily balanced in various phases of family life.