A study by CBS shows that a significant number of young adults are financially dependent on their parents, with 43% of those aged 25-29 having student debt. Additionally, only 45% of 18-34 year-olds consider themselves completely financially independent. The trend of young adults living with their parents has also increased, with 57% of 18-24 year-olds and 20% of 30-34 year-olds receiving financial aid from their parents. This indicates a growing reliance on parental support among young adults.
Most parents of adult kids are giving them financial help, study shows https://t.co/hpic5mAJbQ
Many of the young adults choosing to live at home come from backgrounds where living with multiple generations of family was not a stigma. | By Xochitl Bott Rivera https://t.co/5xzLJNwpok
Most parents of adult kids are giving them financial help, study shows https://t.co/shxW07gHdi
20% of 30- to 34-year-olds have their parents provide aid for their household bills, per CBS.
57% of those 18 to 24 are living with their parents, compared with 53% in 1993, per CBS.
43% of people between 25 and 29 have student debt today, up from 28% in 1993, per CBS.
Only about 45% of 18- to 34-year-olds described themselves as completely financially independent from their parents, per CBS.
As of 4Q2023, 18-29 and 30-39 age groups had largest percentages of student loans at 27% and 13%, respectively ... mortgage debt averaged 72% for groups 30-70+ @NewYorkFed @DataArbor https://t.co/px8Oz9mc6E
Here are moves parents can make to help adult child become financially independent, advisor says https://t.co/vM4HFPNlnO