Younger adults are more and more residing with their dad and mom and counting on them for monetary help, per a recent survey.
Pew Analysis discovered that extra “young adults today live with their parents than in the past” in a survey published Thursday. “Among those ages 18 to 24, 57% are living in a parent’s home, compared with 53% in 1993.”
Roughly 59% of fogeys mentioned they gave their grownup kids assist with their funds over the previous 12 months, Pew discovered.
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Younger adults are more and more residing with their dad and mom and counting on them for monetary help, per a latest survey. (iStock)
“A majority of young adults who live with a parent (64%) say this arrangement has had a positive impact on their personal financial situation,” the survey continued. “Some 55% say the impact on their relationship with their parents has been positive.”
Many younger adults additionally assist their dad and mom with payments and different bills whereas residing at dwelling, with 65% aiding in paying for “household expenses such as groceries or utility bills,” whereas 46% assist out with rent or mortgage payments.
The Wall Street Journal interviewed specialists on private funds, with many saying that youthful folks “take longer to reach many adult milestones,” which means that it prices extra from their dad and mom to help them till they lastly obtain these milestones.
“That transition has gotten later and later, for a lot of different reasons. Now it’s age 25, 30, 35, 40,” Sarah Behr, founding father of Simplify Monetary Planning in San Francisco, advised The Journal.
A 39-year-old husband and highschool instructor, Adam Stojanik, mentioned the down cost for purchasing a home made it troublesome for them to get by with out assist from their households.
“We could pay a mortgage, but that down payment was the absolute crusher,” Stojanik mentioned. “The idea of trying to save up on our own—as long as we were paying rents in NY, would’ve taken 300 years.”
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Some younger adults obtain a “young-adult allowance,” which means that they obtain a sum of cash from their dad and mom “at least once in any given year,” in line with the outlet. (iStock)
Some younger adults obtain a “young-adult allowance,” which means that they obtain a sum of cash from their dad and mom “at least once in any given year,” in line with the outlet.
Pew’s survey comes after one other survey that discovered practically half of younger adults say they’re “obsessed” with being wealthy.
The survey, carried out by Qualtrics on behalf of Intuit Credit score Karma in December 2023, discovered 44% of Technology Z and 46% of millennials say they’re “obsessed with the idea of being rich,” in comparison with 27% of all People. An analogous variety of younger adults reported experiencing “money dysmorphia,” which the survey described as “having a distorted view of one’s finances that could lead them to make poor decisions.”
As economic conditions stay unsure in 2024, the survey additionally discovered 59% of millennials and 48% of Gen Zers really feel behind on their monetary targets.
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Fox Information’ Kristine Parks contributed to this report.
