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Amidst the cost of living, ballooning students’ debt and stagnation salaries does not come as a surprise that General Z and Millennials are relying on their parents more than past generations.
The word “relying” can be an underestimation – according to a new report, 50% of parents are financially helping their adult children to keep them in office in today’s economy.
Following the observation of 1,000 parents of adult children in the US, a report made by Savings.com revealed that parents were leaving an average of $ 1,474 a month – about $ 1,800 for Gen Zers and $ 900 for millennia every 30 days.
Which one is going towards this repeated allowance? To help adult children pay for things such as groceries, mobile phone bills, rent, health insurance – and yes, even holidays.
Living aside the high cost of living – I hate to show your fingers – but General Z is not very smart when it comes to their finances.
It is reported that the generation born between 1997 and 2012 is drowning at nearly $ 100,000 personal debt. Wild to think how high that number is if many are receiving monthly payments from their parents.
The savings study also emphasized that 47% of parents are willing to sacrifice their future financial plans if it means helping their adult children.
However, while parents have the best intention of protecting their children from the world’s financial burdens, they are now agreeing with the fact that this agreement is not allowing them to save for their future.
This is because of the work that the surveyed parents, most of them agreed to contribute more than twice as much money to their adult children than to their pension funds.
Well, parents are finally wanting.
Within the next two years, about 26% of parents said they plan to put an end to monthly deposits they give to their offspring, while 28% will allow this agreement to continue a little longer for the next three to four years before the end.
If these arrangements are ending for some, we hope that Millennials will learn to afford – as their generation has “money dysmorf”.
This means that those who were born between 1981 and 1996 are so obsessed after telling their assets that they further bury them in debt, according to a Wells Fargo study.
It seems that many of these adult children will have to sink or swim.
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Image Source : nypost.com