Young adults are increasingly living with their parents and relying on them for financial support, according to a recent survey.
Pew Research found that “more young adults live with their parents today than in the past” in a survey released Thursday. “Among the ages of 18 to 24, 57% live in their parents' home, compared to 53% in 1993.”
About 59% of parents said they helped their adult children with their finances in the past year, Pew found.
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Young adults are increasingly living with their parents and relying on them for financial support, according to a recent survey. (iStock)
“The majority of young adults living with a parent (64%) say this arrangement has had a positive impact on their personal financial situation,” the survey continues. “About 55% say the impact on their relationship with their parents has been positive.”
Many young adults also help their parents with bills and other expenses while living at home, with 65% helping pay for “household expenses like groceries or utility bills,” while 46% help with rent payments. or the mortgage.
The Wall Street Journal interviewed personal finance experts, and many said that younger people “take longer to reach many milestones of adulthood,” meaning their parents have a harder time supporting them until they finally reach those milestones.
“That transition has been delayed more and more, for many different reasons. Now we're 25, 30, 35, 40 years old,” Sarah Behr, founder of Simplify Financial Planning in San Francisco, told The Journal.
Adam Stojanik, a 39-year-old husband and high school teacher, said the down payment to buy a house made it difficult for them to get by without help from their families.
“We could pay a mortgage, but that down payment was absolutely devastating,” Stojanik said. “The idea of trying to save on our own, while paying rent in New York, would have taken us 300 years.”
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Some young adults receive a “young adult allowance,” meaning they receive a sum of money from their parents “at least once a year,” according to the outlet. (iStock)
Some young adults receive a “young adult allowance,” meaning they receive a sum of money from their parents “at least once a year,” according to the outlet.
The Pew survey comes after another survey that found that nearly half of young adults say they are “obsessed” with being rich.
The survey, Conducted by Qualtrics on behalf of Intuit Credit Karma in December 2023, it found that 44% of Generation Z and 46% of millennials say they are “obsessed with the idea of being rich,” compared to 27% of all the Americans. A similar number of young 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.”
With economic conditions remaining uncertain in 2024, the survey also found that 59% of millennials and 48% of Generation Z feel behind on their financial goals.
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Fox News' Kristine Parks contributed to this report.
