Nearly half - and most likely more - of US parents provide some kind of financial support to their adult children, who are grappling with higher food and living costs than they did, a new study has found.
The study – conducted by Savings.com – found that young, working-class Americans were not substantially benefiting from the recovery of the country’s economy, as “evidenced by high employment, falling inflation, and economic growth”. That has forced many of them to continue to rely on their parents to help cover costs of living.
The average age of adults receiving financial help from their parents – sometimes at the risk of the parents’ retirement security – was 22, according to the study. And while parents surveyed in the study on average said their adult children should become financially independent by 25, many were supporting those children beyond that milestone.
I personally know probably 50 people my age and older who are supporting or subsidising their grown kids and grandkids. It's fuckin' crazy. Reason number 432 of why it was a good idea for me to not have kids. Juss' sayin'...
My three oldest who never cared about getting an education are always broke, don't get a penny from me. The two youngest who cared about their education and therefore now have excellent jobs, don't need a penny.
ReplyDeleteCause and effect. My life's motto.
Or, like we were taught as children in Holland: Wie z'n billen brandt, moet op de blaren zitten.
" the recovery of the country’s economy, as “evidenced by high employment, falling inflation, and economic growth”
ReplyDeleteThat is some leftist unicorn fart bullshit right there
I'm lucky I guess I'm part of the 50% that the kids don"t have to live off my wife and I. Good work ethic instilled young with a heavy accent on education
ReplyDeleteHuh. I was drafted, so I was "financially independent" at age 19. My wife was at 19, as well. We had some tough times, but never were a burden to either set of parents...
ReplyDelete