Study: Most People Rely on Parents for Material Support Into Adulthood
Study: Most People Rely on Parents for Material Support Into Adulthood
A new study finds that two-thirds of U.S. adults rely on their parents for some form of material support into their early 40s.
A new study finds that only a third of adults in the United States did not rely on their parents for some form of material support between their late teens and early 40s. The study highlights the extent to which parents and adult children rely on each other for financial assistance or a place to live well into the children’s adult years, challenging popular conventions and expectations about adulthood.
The title (and perhaps the study) suggests this is a new phenomenon. If we're using the time frame of "late teens and early 40s", then this has been happening even to our great grandparents generation.
An easy example was having your parents help you with a down payment on a house. This was a common thing my parents parents helped with.
Which is why the gap in generational wealth keeps increasing as the poor don't have parents who can help them with a down payment.
This is especially true of those of limited means that actually do overcome these massive challenges and come up with enough to buy a house, and government tools that can get that house taken away from them such as Eminent Domain or seizing of houses for property taxes when a municipality uses arbitrary means to determine taxable liability.
Parents helping with a down payment I don't thing is culturally or even ses 'common'. That is very specific to region and ses
You don't think its common in the USA (which is where the study was focused and my response was intended)?
Governments and regulators have specifically had to change laws on home buying that enumerates money contributions from family to help the purchase of a home. If you've gone through a mortgage application process they crawl into your bank accounts looking for large deposits that don't come from your employer. Anything suspicious and you have to explain what it is. If its a $30,000 down payment gift from mom and dad, you have to get a notarized letter from mom and dad stating its a gift and not a loan from parents.
I'm honestly surprised that 30% didn't need some form of support.
no other way to do it
Not having parents with money is the other way to do it. One dead and one barely employed.
And I did it. It's tough.
We get it, you are better than.the common man.