Most parents probably think when their kids hit their twenties they’ll finally be an adult and take some responsibility for themselves, but a new report reveals that’s really not happening these days.
According to a new Pew Research poll…
64% of adults believe kids should achieve financial independence by the time they reach 22.
In 2018, only 24% of adults were considered financially independent by age 22 or younger.
About 45% of those 18 to 29 have gotten at least some financial help from their parents in the last 12 months.
Although some of those young adults may be lying, because 59% of parents with children that age say they’ve helped their kid out financially in the past year.
As for what those young adults are using that money on, about 60% say they went for household expenses, like groceries or bills, as well as their tuition, rent or mortgage.
So, is it a good thing that parents are financially helping out their adult kids? Well, apparently a lot of people think it isn’t. The survey finds:
55% of all adults believe parents are doing too much for their young adult children, with only 10% saying they do too little.
While 61% of parents with children 18 to 29 agree that parents are doing too much for their young adult children, only 28% admit that they themselves are guilty of doing too much for their kids.
As So in what ways are parents actually doing too much for their kids? Well, according to those surveyed...
43% say financial assistance.
37% say parents are trying to solve their kid’ problems for them or are afraid of letting them fail.
23% say parents letting their kids live with them is doing too much
4% say offering to babysit or be childcare for grandchildren is doing too much.
Source: Pew Research