NEFE Study: Parents Supporting Children Well Into Adulthood
DENVER-A new study has found that 59% of parents are still financially supporting adult children when they are no longer in school.
The study, commissioned by the National Endowment for Financial Education (NEFE), in cooperation with Forbes.com, was conducted by Harris Interactive in May, found that 65% of adult children — ages 18 to 39 who are not in school-believe the financial pressures faced by their generation are tougher than those experienced by previous generations. Parents indicated that they agree, with 32% of parents indicating their own generation had it easier than their children's generation.
Forty-three percent of parents providing the financial support do so because they are "legitimately concerned" with their child's financial well-being, while 37% said they struggled in the past and do not want their children to struggle the same way.
Of parents, the survey found that: 50% are providing housing; 48% are helping with living expenses; 41% are aiding with transportation costs; 35% are providing insurance coverage; 29% are handing out spending money; and 28% are helping with medical bills.