Based on a recent survey, about 22% of adult Americans still depend on their parents when it comes to financial support.
Namely, more than half of Gen Zers, who make up 30% of the global population, receive financial support from their parents (67%), followed by Millennials (28%). Conversely, 46% of Baby Boomers claim they don’t receive any kind of financial help from their parents.
That said, 56% of Americans depended on their parent’s help at some point in their lives, from paying for college (24%) to living at home without paying for rent (22%), or purchasing a new vehicle (16%).
What’s more, the same survey suggests that 55% of American parents that have adult children still help them financially. Regarding the money, a high percentage of Americans believe they will receive an inheritance from their parents — an astounding 41%.
With that in mind, people who receive financial support from their parents have a better chance of becoming financially independent as they’ll have the opportunity to save their own money, if they know how to invest it, that is.
What about the children? How many of them provide help to their parents? Well, survey results show that merely 21% of Americans help their parents with financial issues.
Again, Gen Zers are the leaders with 37%. However, take this information with a grain of salt since some Gen Zers help their parents (financially) by sharing the housing costs. In other words, most of them still live together.
