Published on
Updated
Reading 2 min.
We often think that young people are impatient at the idea of becoming independent. But a large number of them continue to live with their parents, due to lack of means. This phenomenon is gaining considerable momentum in the United States, as revealed by a recent survey.
The numbers speak for themselves: 32% of Americans continue to financially support their child(ren) beyond the age of majority, according to a survey by Intuit Credit Karma. This assistance takes different forms, but, in most cases, it concerns housing and daily living expenses.
Thus, 64% of parents continue to accommodate their offspring. Around half of them pay part or all of their older child’s monthly bills (telephone, public transport, food, etc.) to protect them from insecurity, or even debt. Some 23% give them pocket money so that they can manage their budget as they see fit.
Whether from modest or privileged backgrounds, the majority of parents interviewed believe that it is their duty to support their child even when he or she has become an adult. Others do so because of the high cost of living (42%), the difficulties young people encounter in entering the job market (33%) or the rise in property prices ( 23%).
A source of mental and financial suffering
Whatever the reason given, the Americans recognize that this boost is not trivial. Most of them say that it has an impact on their personal finances (76%), and even that it forces them to reduce their current expenses (52%). Generally speaking, 38% of parents helping their child financially, over the age of majority, think that it harms their own lifestyle.
However, for some, the consequences of this phenomenon are much more alarming. A third of respondents said this led them to go into debt. Some have stopped funding their retirement savings plan or delayed their departure from working life to provide for the needs of their adult son or daughter.
Fear of leaving the nest or anxiety of not being able to leave…
The survey reveals that the dependence of young adults on their parents can also become a source of suffering. Nearly 60% of fathers and mothers surveyed say that this causes mental stress for them, and 62% financial stress.
These figures show how difficult it can be to prepare your child to become financially independent in an economic context that greatly complicates emancipation. Some young people can take advantage of this situation as an excuse not to grow, while others experience it as a real failure. Parents are, sometimes, just as ambivalent: they secretly fear their little one’s departure from the family nest, even if their lack of independence weighs on them.
But it is important to keep in mind that providing for your child is not necessarily harmful, as long as it does not keep them in a state of dependence.
*This survey was conducted online by Qualtrics, on behalf of Intuit Credit Karma, among 1,249 Americans over the age of 18. Responses were collected between November 20 and 26, 2023.