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Americans are living with their parents longer, with 57 percent of young adults under 25 living in their own home

2024-01-30 10:07:07Lifestyle SHKRUAR NGA REDAKSIA VOX

Americans are living with their parents longer, with 57 percent of young adults

Parents have always supported their children on their journey to adulthood, from financing a wedding to helping them buy a house. However, the economic 'umbilical cord' appears to be cut much more slowly, as a new US study finds. Parents continue to provide for their children well into adulthood, and the number of young people still living in their parents' homes is increasing.

More specifically, about 59% of parents said they helped their grown children financially in the past year, according to the study, which focused on adults under 35. In addition, more young people - under 25 live with their parents, 57% compared to 53% in 1993.

Parental support is stretched because younger generations now take longer to reach many milestones in adult life, a much more expensive process than it was for previous generations, economists and researchers agree. There's also a wider wealth gap between older and younger Americans, meaning some parents have more means to help. In short, adulthood no longer means financial independence.

For most young adults, adulthood no longer means financial independence. Children aren't necessarily earning bigger wages than their parents, but they are staying on the payroll longer than previous generations. That long-term help can be a barrier to social mobility, making it even harder for young people from lower-income families to catch up, the researchers point out. So, where do children channel the "pocket money" from their parents? Most said they cover everyday household expenses, such as phone bills and subscriptions to streaming services like Netflix.

The amount and frequency of assistance varies by age. Those in the older 18 to 34 age group are much more likely to report being financially independent from their parents. Nearly a third of 30- to 34-year-olds say they still receive parental assistance.

In general, while previous generations gained a greater sense of financial independence in their early 20s, young people today often cannot reach similar milestones, such as living alone or buying their first home. for example, without financial resources from parents.


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