Many parents are financially supporting their adult children well into their late 20s and early 30s, despite the children being more educated and earning more than their parents did.
The Pew report found that adult children are more likely to have student loan debt, with a median debt of $16,000 for those aged 25-29 and $20,000 for those aged 30-34.
Notably, about a third of young adults aged 18-34 are still living with their parents, with many contributing financially to the household.
“Young adults are reaching some key milestones such as marriage and parenthood later in life, even as they exceed their parents’ generation when it comes to educational attainment, employment and wages,” Pew researchers wrote.
The living arrangement is generally viewed positively by both parents and children.
“Young adults with lower incomes (43%) are more likely than those with middle (28%) or upper incomes (19%) to say they helped their parents financially. Similarly, parents with lower incomes are the most likely to say they received financial help from their young adult children (29%), compared with 9% of those with middle incomes and 2% of parents with upper incomes,” the report noted.
Financial assistance flows in both directions, with 59% of parents providing help to adult children, and 33% of young adults helping their parents financially.
The impact of this assistance on the parents’ finances varies, with lower-income parents more likely to be negatively affected.
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