https://www.cnbc.com/2022/04/25/half-of-parents-still-financ… Half of parents with a child over 18 provide them with at least some financial support, according to a report. For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is at risk.
These parents are shelling out roughly $1,000 a month, on average, on such expenses, the report found.
62% of adult children living at home don’t contribute to household expenses at all, Savings.com found.
Half of parents with a child over 18 provide them with at least some financial support, according to a report.
Our youngest used to give me a hard time for all my contingency planning, but when he graduated college into a tough Covid economy where new professionals were really not being hired, he gratefully moved into the downstairs apartment of our home. After a few weeks at home he confessed that he used to think I was crazy about my insistence on contingency planning, but he was sure glad I had. I confessed that I had not seen a global pandemic coming, but life had taught me that sh!t happens and I always wanted to be able to provide the fall back position for our kids that I could have used at their age, having the confidence in them that it would be a time to get their ducks in a row and they would not be there long, not because we didn’t enjoy them, but because being independent was what was best for them. He got a local job that was well below his qualifications, given that was what was available, and supported himself with the help of free rent. We were not going to rent it to anyone else anyway and he shopped and cooked for himself. He got a professional job about a year later and is fully on his own.
You don’t always take off the first time down the runway. We just provided a soft landing. It turned out to be an amazing time of family growth for the three of us, and one of the few good things that came out of covid for us.
I would be more impressed with these statistics if they looked at the number of kids gracing their parents’ homes and checkbooks after the mid 20’s. 18 is way too young…not legally, but maturity wise. Heck, it’s not even old enough to drink legally in most states…we really think they should be on their own before they are legally allowed to drink?
IP,
who thinks it’s stupid they can serve in the armed forces before being able to drink legally too
62% of adult children living at home don’t contribute to household expenses at all, Savings.com found.
It’s all in the mind set that’s planted early. In our family, everyone has a job. From when you were old enough to wash a dish, weed a garden, or push a lawn mower.
An ‘allowance’? Did you eat yesterday? Do you expect to eat today? There’s your allowance.
From what I can see first hand where parents are stuck with the at-home, non-productive adult children, they appear to be trying to protect them from the harsh realities of life. And in the process, they just make the problem worse.
If a kid can’t ‘hunt’, they’re not going to make it. When you’re gone, they will be completely unprepared for making it thru on their own. Parents want the best, and most want to help as needed, but over protective coddling is the worst thing you can do.
Most in the youngest age group (ages 18 to 24) already lived with their parents, but the share grew to 71% in July 2020 from 63% in February 2020. The share of 16- to 24-year-olds who are neither enrolled in school nor employed more than doubled from February (11%) to June (28%) due to the pandemic and consequent economic downturn.
What I found most striking was that about one in four of age 25 to 29 lived with their parents in 2020. By that age, the vast majority are out of school and should be well into their careers and family formation.
The share of 16- to 24-year-olds who are neither enrolled in school nor employed more than doubled from February (11%) to June (28%) due to the pandemic and consequent economic downturn.
Not to mention liberal unemployment, which was now available to recent college grads. Many of Youngest’s friends took extended unemployment that they would not have qualified for without Covid, while he did manual labor. In part he had to given he was not qualified to be on our retiree health care insurance, while his friend’s could be on their parent’s work plans.
We told him how proud we were that he took an honest grueling job rather than be voluntarily on the dole. Though he was seriously under employed, the self-directed improvements he made to his job was a leading factor in his getting his professional job. He would see a deficiency in the way things were done and propose to his supervisor and bosses a better way to do it. In the very least the improvements he made for his work crew gave him a better story to tell than that of his friends taking unemployment.
What I found most striking was that about one in four of age 25 to 29 lived with their parents in 2020. By that age, the vast majority are out of school and should be well into their careers and family formation.
Even Eldest could have come home and I would have welcomed it. He could have worked from home. Can’t tell you how many nightmares I had in the beginning of all of this, dreaming that one of them was sick, several states away, and I could not help. Many of their friends moved back home in this era of uncertainty. It’s easier to deal with the unknown as a family unit.
Not to mention liberal unemployment, which was now available to recent college grads.
Not just grads! I have a close relative that was in college when COVID hit. They were earning about $300 a week at two jobs while at school. COVID hit, they were immediately laid-off (fast food kind of jobs), and became eligible for unemployment. This was up in New York. In the end, for about 6 months they received $280 a week in unemployment from NYS PLUS another $600 a week in extra Federal unemployment due to COVID. That’s a total of $880 a week, which is a heck of a lot for a 20 year old college student. Luckily they are the responsible type, so they saved nearly every penny of it. I think they just started working a few months ago, and used some of the money to buy a used car.