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.
Of parents providing support, 21% were helping millennials (age 28-43) or members of gen X (age 44-59). Millennials and gen X adult children were on average given between $907 and $960 each month by their parents.
Gen Z adults (between 18 and 27) were getting more help from their mothers and fathers, averaging about $1,515 monthly.
Notably, many adults from gen Z still have college […]
My parents left me nothing because my Aunt Ruthie spent all of the money my mother had in the bank to a nursing home which cost $ 138,000 per year until Mom’s bank account was empty; then I had to sell Mom’s condo for $100,000 to finish paying off the CRAZY nursing home, which did not even take good care of her. Neither one of my parents had life insurance either. I would have been stuck with any more money owed to the nursing home if Mom would have kept on living, leaving me with a bill I would never be able to pay!
P.S.: I was responsible for my Mom’s finances, and my Aunt Rurhie was supposed to tell me about any changes, but she DID NOT tell me when she moved Mom into what I feel is the most expensive nursing home in the world! That is what really makes me MAD!
P.P.S.: Ironically, I was under the influence of an anti-depressant prescribed to me by a psychologist because I was afraid I would not have enough money to survive in my later years of my life. The anti-depressant made me think everything was OK when it was NO OK, and I will never take that kind of pill again, because it destroyed my life, instead of helping me!