According to a survey just released by the National Endowment for Financial Education:
59 percent of parents are providing, or have in the past provided, financial support to their adult children when they are no longer in school. The online poll was commissioned by the National Endowment for Financial Education (NEFE), in cooperation with Forbes.com, and conducted by Harris Interactive in May 2011.
- 50 percent are providing housing
- 48 percent are helping with living expenses
- 41 percent are aiding with transportation costs
- 35 percent are providing insurance coverage
- 29 percent are handing out spending money
- 28 percent are helping with medical bills
Read the whole thing. While this kind of assistance can truly benefit those seeking to get a jump on their professional lives and/or pay off student loans, it’s important for the adults (young or otherwise) who benefit from these arrangements to maintain a sense of responsibility for their lives, and a determination to work hard, better themselves, and transition into full financial independence over time. I discuss this in Chapter 5 of Thriving at College. Another good resource on this topic (directed more to parents than to young adults) is You Never Stop Being a Parent: Thriving in Relationship With Your Adult Children.