Young adults between the ages of 18 and 24 are still relying on parents to help them with their finances.
The new survey by Pew Research shows that around 60% of parents still give their adult kids money. It also shows that 57% of adult children live with a parent, compared to 53% back in 1993.
Sixty-four percent of young adults say that mom and dad helping financially has made life less stressful, and their finances are in better shape.
With parents paying for everything, 55% say the impact on their relationship with their parents has been “positive.”
But maybe all is not lost, with a majority of 18–24-year-olds saying they help their parents with bills and other expenses while living at home, 65% help out in other areas with household expenses such as utility bills and groceries, and 46% claim they help out their parents with the rent and mortgage payments.
Pew Research also found that some young adults said they get a “young-adult allowance” from their parents.
Certain age groups surveyed have admitted they have fallen behind on their financial goals, 59% of Millennials and 48% of Gen Zers.
The same survey also showed that 71% of parents of young adults said their children’s life situations of failures and successes were the reflection of their parents and how they raised them.
Parents are very involved in their young adult children’s lives. Majorities say they text (73%) or talk on the phone (54%) with a young adult child at least a few times a week. About six-in-ten (59%) say they’ve helped their children financially in the past year.
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