Most young U.S. adults are financially dependent on their parents | CBS News
In the ever-evolving landscape of young adult life in the United States, a recent report from the Pew Research Center paints a distinct picture. Today’s youth are experiencing a vastly different journey than their parents, marked by delayed milestones and increasing financial dependency on their families. According to the study, a significant majority of 18- to 34-year-olds still rely on their parents for financial support, with only 45% describing themselves as entirely financially independent.
Notably, the younger members of this demographic, aged 18 to 24, are the most reliant on their parents for assistance, with over half depending on them for basic living expenses. Surprisingly, even 30- to 34-year-olds aren’t exempt, as nearly 1 in 5 still receive financial aid from their parents. This financial dependence is tied to a new reality of mounting debt, driven by factors like student loans and larger mortgages.
Interestingly, despite grappling with financial challenges and postponed life events like marriage and parenthood, young adults express optimism about their futures. They believe that, eventually, they will attain financial independence…………
[read more]
Rising Dough
How might the financial challenges young adults face today, including debt and delayed milestones, impact the economic landscape in the future?
*Click on the “Full Loaf” icon to read the full article! After you read the full article, let us know your thoughts.
Share this content:
The financial challenges young adults face today impacts the economy because it’s hard for young adults to find a good paying job, pay for college in the future. As young adults, they should be managing their money ,so they don’t have to depend on their parents.
The financial challenges faced by today’s youth negatively impacts the economy. Economic activity is caused by spending, but if the youth can’t afford anything, but necessities it will harm the economy driving many out of business. Furthermore, because many young adults are in crippling debt, they won’t be able to invest for their retirement, and will be entirely dependent on social security.
How might the financial challenges young adults face today, including debt and delayed milestones, impact the economic landscape in the future?
The financial challenges that young adults face today like debt and delayed milestones can have major impacts because it could cause decreased consumer spending and delayed home purchases. These delayed home purchases would then lead to reduced demand for goods and services causing slower economic growth.
The financial challenges young people face in today impacts the economy because well-paying jobs aren’t available to young adults, so this makes it hard to pay for their schooling debts. The delaying of milestones like buying a house, getting a well paying job, going to college lowers the money in the economy and the amount of people in the workforce making money for the economy.
Young adults today have many money challenges like owing money for school and reaching important work on time.Many still need help from their parents financially. This could impact how hard it is for them to help grow the economy.
The financial difficulty the younger people face today influences the economy because it’s difficult for young adults to find a good paying job to pay for college in the near future because many young adults are in very bad debt, they won’t be able to invest into their lives moving on and will be entirely dependent.
The financial challenges facing young adults today could have significant long term effects on the economic landscape. These challenges may lead to reduced consumer spending, decreased investment in the housing market, etc. Also, the burden of student loan debt could limit young adults ability to save for retirement, affecting future financial security
It’s going to negatively affect the economy in the future because of the fact young adults can’t get a high paying or just a good paying job now and days, always just being able to pay rent takes ups most people pay checks, and this is just rent alone not include foods and other things needed to live.