You finally moved out of your parents' house - woohoo! 🤩 Now, all they have to pay for is your phone bill, car, and groceries. Look at you! Growing up. 😆🛒
All parental basement jokes aside, it turns out more adults than you may think are still financially dependent on their parents. 👪 And we're not just talking about post-college. Many are well into their forties. 😱 How many people are we talking about?!?!?!
Here’s Five Fast Facts on the Current Rate of Adult Children Depending on Their Parents:
- 💅 Miss Independent - According to the study, just 33.4% of American adults have been completely financially independent from their parents through age 43.
- 📊 Through the Years - The folks behind this survey were in it for the long haul. They followed over 20,000 participants from their teen years through age 43 between 1994 and 2018.
- 💸 A Little Somethin' on the Side - The study also looked at different types of parental reliance and broke them into categories. Under the "Independent with Transitional Support" category, 20.1% of study participants moved away from their parents, but still receive some kind of financial support from them.
- 🪃 Let's Circle Back - In the cutesie-named "Boomerang" category, 6.5% of survey participants lived independently through age 24, moved back in at 32, and then moved out again.
- 🏡 Expensive Taste - Researchers took a deep dive into how young Americans cope with #adulting as costs of living skyrocket, which makes it way harder to move out on their own. The concept of "extended adolescence" isn't a new one. It's becoming more common for people to live with their parents and rely on them for money longer than they did in the past.
🔥Bottom line: No shade on anyone who needs to lean on mom and dad for some financial help. Times are tough out there! If you're getting tired of sharing the TV with your Boomer parents, our newsletter is chock-full of tips to help you save for a way out. Looking for a job that pays off your student loans? Head here for details.
Do you rely on your parents for financial assistance?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
