Young adults who graduate from college but still rely on their parents for financial support have become commonplace since the Great Recession, but a new report finds that the arrangement can last for decades.
Nearly a third of 30-somethings and more than a fifth of those in their early 40s receive “significant, ongoing” financial support from their parents, according to a new report from the Society of Grownups, a financial planning company for young adults.
The report found that 35 percent of all adults ages 21 to 45 receive financial support from their parents. Of those, more than two-thirds said that they could not get by without their parents’ help.
Parents seem to agree. A 2015 report from Bank of America found that more than half of parents of millennials think that it’s harder for today’s young adults to live within their means than it was for their parents at the same age.
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10 comments:
My Sons have college loans to pay off and apartment rentals are more than half their take home income. I'm glad to still have them with me and it's nice always having someone there to watch the house and dogs when my wife and I want to take a vacation or leave for the weekend.
To get by you need more than one income or more than one job. It's better to be debt free than to start out life way over their heads!
The parents vote Republican. They pay the mortgage, the electric,and buy the groceries.
The kids aren't satisfied with LOCAL free stuff. They want it all to be free. And they are stupid enough to belive that is, in any way, possible.
The kids vote for hillary.
Keep cheering.
7:52 I agree 100%. Today's generation wants everything for free.
we dont mooch!
Today's generation has to live in the destroyed economy you left us. Where you can't support a family on one career's wages. Every finger you point has 3 more pointing back at you.
I find that headline insulting.
9:07's comment is true.
As a single adult I am barely making ends meet with one job and despite my best attempts can not find a 2nd part time job.
I would gladly take a child back and give them a hand up, if that's what it took. Ignorant mentality to think, hey your on your own, I will watch you drown instead of helping.
The older I get the more I hate society and their ignorant way of thinking.
9:07 Am Exactly!!!! As this economy gets worse and worse, either you live with your parents or you live in the streets, which one is it??? Either way other people will have something stupid to say and nothing to offer in ways of solutions, as always!!!
Just to put things in prospective, I am almost 35 and have been working since I was 14 just legal enough to work... I remember when jobs were plentiful wither it be fast food, the grocery store or top notch companies... I remember when no one would hire you becasue of your lack of experience, but how can you get any if no one will hire you??? I remember not having to worry about a job becasue if you lost yours, or didn't like whom you worked for, you could find another...
Now the economy is garbage, and near non existent, and jobs are leaving this country and some job are being shut down due to competition, where now that obama bin laden care is in place, people don't want to hire you to pay for your insurance, or they only want you to work just enough so they won't have to pay for insurance, it was hard back then, this I know, but today it is even harder for one single guy to live, with all of these fees and taxes goign up, you can't afford a decent place to live... Nearly half of my check, 40% goes to taxes I will never see again, the rest go to bills... Not much room for gas and food and other things I may want to do like go out with friends...
There are people who want free stuff, and there are moochers out there... I grantee, that there are more people whom are not wanting free stuff or moochers than you think.... But as the poster said above, it was the last generation who sold my generation down the river, for the name of taxes... I have already put in over 10's of thousands of dollars into the SSA and I will never see that money again, becasue you older people whom are lucky enough to retire, get to use my money... When I am your age I will be still working until I die, so thank you very much baby boomer generation!!!! And you dare call us moochers...
I don't know about other areas, I'm sure they are the same. We moved here 30 years ago because the cost of living was decent and the wages were not bad and we were able to buy a house. Those same houses are going for triple what they were but the wages in this area have not kept up.
I have long said that the people that take out the college loans were going to feel the pinch. What used to be a mortgage payment is now a college loan payment.
Not all kids are mooches. They help pay expenses and do things their aging parent can no longer do. Maybe in the long run the parents save a bit of money by not having to hire someone to do it.
I'm a baby boomer and still working g, thank you very much 9:23. I work fulltime AND have a part-time job. I have also paid into SSA since 1964 (before you were even thought about). I didn't get to go to college. I had to get out and supportmy mom because my dad had died 5 years earlier and SSA benefits stopped at 18. So if you think you've been handed a raw deal, so have I.
I don't consider my son's as mooches. They can't afford to move out on the wages they earn, and they both have college loans to pay off.
The deal is, they use the money they earn to pay off these loans and all I ask is that they pay for their Auto Insurance. They need a start in life because I feel we have all been screwed by this government! The job market sucks, and employers are no longer paying what they used to pay.
When I bought my house in 1990, I was making almost 20 per hour in an I.T. job. That job was outsourced to India, and the production jobs were sent to Mexico and then later to China. I was lucky to fine a job at age 50 paying 12 dollars an hour. I am grateful for this!
I'll probably have to work the rest of my remaining life because of those wonderful trade deals that were made by both parties starting back in the Mid Eighties! All I can say is there is plenty of pain to go around by all generations! I feel we are all in this together, and we should help one another. Hope that Trump will be elected, and hope he makes good on his promises!
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