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Pew Center Report: Majority of Americans Say Parents Are Doing Too Much for Their Young Adult Children

As many young people temporarily return to parents' or caregivers' homes due to the COVID-19 pandemic, this October 2019 report from the Pew Research Center may provide insightful data. The report surveyed around 10,000 individuals to explore modern trends in the quest for financial independence. The findings reveal a gap between the desired and the reality: While 64 percent of Americans think the "financial independence" milestone should be achieved by the age of 22, only 24 percent of those 22 years old and younger actually achieve it. The report also indicates that "about 6-in-10 parents [of those surveyed] with children ages 18 to 29 (59 percent) say they have given their kids at least some financial help in the past year." There are differing opinions on whether this increased assistance is warranted. The majority of Americans claim "parents are doing too much for their young adult children these days." Still, this sentiment is not always internalized as "only 28 percent [of parents surveyed] say they themselves do too much for their young adult children." The report also highlights gendered aspects of these statistics and discrepancies in reporting from those receiving financial assistance.
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2020-06-26
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