Less than half of Americans between the ages of 18 and 34 believe they are financially independent, according to the survey.
Almost half of those surveyed claimed that their parents had given them money, usually to help with household expenses.
Nonetheless, the overwhelming majority are certain that at some point in the future they won’t require assistance.
These are some important conclusions from the report.
Both better and worse than their parents, young adults have it.
Compared to thirty years ago, young adults in the US today are more likely to be employed full-time and have higher levels of education.
However, it appears that some of their financial problems stem from there. Over the past three decades, young Americans as a whole have seen relatively small wage increases and significantly higher student loan debt.
Over that time, the percentage of individuals in their early 30s who still owe money on their student loans has more than doubled, and the figure for those in their 20s is also rapidly increasing.
According to Pew’s survey, housing is another growing problem that frequently necessitates parental financial assistance.
Help seems to be warranted because, after accounting for inflation, Americans under 35 who are purchasing homes must take on significantly more debt than they did thirty years ago—at least $60,000 more.
receiving assistance from parents while postponing a significant decision
Parents provide small and large amounts of support to their adult children.
The majority are helping to pay for the bills associated with their mobile phones, homes, and even streaming service subscriptions for young adults.
