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Survey: Nearly 60 Percent of Parents Financially Supporting Adult Children

May 27, 2011 Comments off

Survey: Nearly 60 Percent of Parents Financially Supporting Adult Children
Source: National Endowment for Financial Education

A new survey finds 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.

The survey explores how the current economic and job landscape is presenting a bigger challenge than expected for those who should be leaving the nest. Sixty-five percent of adult children—those ages 18-39 who are not in school—believe the financial pressures faced by their generation are tougher than those experienced by previous generations. And parents seem to agree, with one in three (32 percent) saying their own generation had it easier than their children’s generation. Additionally, 43 percent of parents providing financial support say they are doing so because they are “legitimately concerned” with their child’s financial well-being, while 37 percent say they have struggled in the past and do not want to see their children struggle the same way.

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