Most Parents Paying to Help Young Adults
Jim LiebeltJim Liebelt's Blog
- 2012 May 08
A new study finds that more than 60% of today's young adults have received financial help from their parents. Among the 62% of young adults getting parents' help, the average amount was $12,185, says lead author Patrick Wightman of the University of Michigan-Ann Arbor.
Children who parents said were cheerful, self-reliant and got along well with others before age 12 were more likely to receive financial gifts or loans as young adults, Wightman says. And in families with more than one child, "if they perceive one of those kids to have a better attitude or to be more self-reliant, that kid has higher odds of receiving this type of support," he says.
The analysis is based on more than 2,000 interviews with 1,368 people ages 19-22 and their parents in 2005, 2007 and 2009.
About 42% of parents help adult children pay their bills, 35% help with college tuition, 23% help with vehicle expenses, and 22% help with rent away from home, researchers found.