A recent survey has found that there is a growing trend among young adults to live with their parents and depend on them for financial assistance.
A recent survey published on Thursday by Pew Research revealed that a greater number of young adults are currently residing with their parents compared to previous years. “The number of young adults living in their parents’ homes has increased over the years, with 57% of those aged 18 to 24 currently residing with their parents, as compared to 53% in 1993.”
A recent study conducted by Pew revealed that approximately 59% of parents provided financial assistance to their adult children in the past year.
A survey found that 64% of young adults who live with a parent believe that this living arrangement has positively affected their personal financial situation. A majority of respondents, about 55%, have reported a positive impact on their relationship with their parents.
A significant number of young adults contribute to their parents’ financial obligations while residing at home. According to a recent study, 65% of them provide assistance in covering household expenses like groceries or utility bills. Additionally, 46% of young adults contribute towards rent or mortgage payments.
Experts on personal finances were recently interviewed by The Wall Street Journal. According to these experts, younger individuals are taking longer to achieve various adult milestones. As a result, parents are finding themselves financially supporting their children for a longer period of time.
“The transition has been consistently delayed due to various factors.” “Now it’s age 25, 30, 35, 40,” said Sarah Behr, founder of Simplify Financial Planning in San Francisco, according to The Journal.
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In a recent interview, Adam Stojanik, a 39-year-old husband and high school teacher, revealed the challenges they faced in purchasing a house. Stojanik mentioned that the down payment posed a significant hurdle, making it difficult for them to manage without assistance from their families.
“Paying a mortgage seemed feasible, but the down payment proved to be a major obstacle,” Stojanik expressed. “Attempting to accumulate savings independently would have required an astonishing 300 years, given the exorbitant rental prices in New York.”
According to reports, a number of young adults are said to be receiving a “young-adult allowance” from their parents at least once a year.
In a recent survey conducted by Pew, it was revealed that a significant number of young adults have expressed a strong desire to accumulate wealth. This finding aligns with the results of a separate survey, which indicated that nearly half of young adults consider themselves to be “obsessed” with the idea of attaining financial success.
In a recent survey conducted by Qualtrics on behalf of Intuit Credit Karma in December 2023, it was revealed that a significant portion of Generation Z and millennials, 44% and 46% respectively, expressed a strong desire to achieve wealth. This percentage is notably higher compared to the 27% of all Americans who share the same sentiment. A significant portion of young adults have reported experiencing what the survey refers to as “money dysmorphia,” a condition characterized by a distorted perception of one’s financial situation, potentially leading to unwise decision-making.
In light of the ongoing economic uncertainty in 2024, a recent survey revealed that a significant portion of millennials (59%) and Gen Zers (48%) feel that they are falling behind on their financial goals.
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