A recent survey discovered that almost half of all adult American children are receiving financial support from their parents. The financial support ranges from sending money and paying bills to many young to middle-aged adults still living at home or moving back in with their parents.
For many of us, including myself, this seems like a bizarre construct. It was made very clear to me from about the time I started high school that the expectation was that I would no longer live with my parents once I graduated, let alone receive financial assistance from them.
Of course, it would never have occurred to me to stay home post-graduation as I was itching to get away from my parents and forge my own life. But is the recent change in mindset a cultural shift, or is it connected to the economy young Americans are forced to grapple with?
According to a recent Savings.com study, almost half of parents in the United States support their adult children financially. The average age of adult children still receiving financial support from their parents is 22.
Join the conversation as a VIP Member