Someday, children will grow up and leave their parents. No, is that really the case?
Younger generations are facing tough economic times, and many parents are supporting their children even after they graduate from college. Nearly half of young adults in the United States live at home with their parents, and many receive assistance with rent and daily living expenses.
It’s a big expense for parents, sometimes requiring them to take on more debt, depleting their savings, and delaying retirement plans.
Cori Schaefer, 49, a commercial insurance producer who lives in Craig, Colorado, lives with her two children in their 20s. He says that he and his wife want to support their children until they become adults.
At the same time, however, she is asking herself how long this situation will last for her children, saying, “I still want to support and protect my children, but at the same time I also want to encourage them to grow.”
Cori Schaefer, 49, lives in Craig, Colorado, USA, and lives with her two children in their 20s.
Source: Bloomberg
As student debt increases and affordable housing becomes scarce, the proportion of young people living with their parents is increasing.1940salmost the same level. It is true that for a long time there have been children who stayed at home after high school or came back after graduating from university, in order to save money to start their careers.
However, one reason for the current increase is that living with parents has become the norm due to the coronavirus pandemic. Finding good jobs for new graduates is difficult, compounded by the rising cost of living.
According to a study by Merrill Lynch and Age Wave, American parents spend about $500 billion each year on their children between the ages of 18 and 34, which is more than the amount they put toward retirement.twicecorresponds to
How Parents Support Adult Children
Source: Credit Karma
Angela Trisvari, 52, a schoolteacher in Oak Park, Michigan, said, “By now, I thought my children had good jobs, but every day I spend all my savings trying to help my children grow up.” “It’s,” he confesses.
Trisvari believes that by allowing her children, who are now 21, 22 and 33 years old, to live at home during college and graduate school, they will be able to afford to buy a house by the time they are 28, just like she was. was. But they also realize that those goals are largely out of reach. She is now dipping into her savings for her children and also working on funds for retirement.
Like many parents, Trisvari hopes her child will someday return the favor.
generational difference
Living with parents is increasingly viewed as a viable path to career advancement, according to a survey conducted by Harris Poll for Bloomberg News. Still, it may be difficult for parents to retreat from the ideas of older generations.
After striking out on her own at age 18, Maria Garcia, 48, of Berwyn, Illinois, never dreamed of returning home or asking her parents for support. She currently has children living with her who are 21, 24, and 27 years old. Ms. Garcia, who works in a data entry office, wonders where she went wrong.
Despite paying $300 a month in rent for their two children, the Garcias are barely living paycheck to paycheck due to mounting utility bills. The couple says they are currently supporting their children because they have the financial means to do so, and if circumstances change, they would be forced to discontinue their support.
“This kind of situation irritates me because I come from a generation that was taught to be independent. Once I left the nest, I had to take care of myself,” Garcia said.
independence day
Many parents are willing to financially support their children to some extent if they can. According to a Merrill Lynch survey, nearly two-thirds of parents said they were willing to sacrifice some financial security to help their children.
But Schaefer, of Colorado, says enough is enough. She turns 50 next year and all she wants as a present is “for my two children to be out of the house by July 4th, which is my Independence Day.”
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2023-12-24 16:31:00
