6:31 am May 23, 2011, by Henry Unger
A majority of parents — 59 percent — provide financial support to their adult children who are no longer in school, according to a new survey reported by Forbes.
Among those parents, Forbes writes, 43 percent said they are “legitimately concerned” for their kids’ financial well-being. Thirty-seven percent said they have struggled and don’t want their children to struggle too.
Two-thirds of the young adults surveyed said the financial pressures faced by their generation are tougher than those faced by previous generations, Forbes reports. One in three parents agree.
The online poll by ForbesWoman and the National Endowment for Financial Education of 1,074 U.S. adults — non-students aged 18 to 39 and their parents—was conducted by Harris Interactive in May.
Forbes writes that parents are providing financial assistance in record numbers and on a scale that ranges from occasional cash to complete dependence.
Parental help comes in the following ways:
– Housing – 50 percent
– Living expenses – 48 percent
– Transportation costs – 41 percent
– Insurance coverage – 35 percent
– Medical bills – 28 percent
But it’s not just a one-way street, as 75 percent of the young adults contribute to the household financially and non-financially, Forbes writes.
According to the survey, young adults contribute for:
– Groceries – 52 percent
– Utilities — 34 percent
– Gas for the family car – 31 percent
– Rent or mortgage – 29 percent.
Also, 42 percent provide non-monetary help, such as cooking, cleaning or childcare, Forbes writes.
Is your family in this situation? What prompted it? How is it working out?
- Henry Unger, The Biz Beat
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