The Almighty Dollar

Restoring some fiscal sanity in our -- negative savings rate -- lives

4.20.2006

Mom and Dad to the rescue

The New York Times highlights the increasing burden of parents supplying financial assistance to kids (can I say adults?) into their 30s.

A study by the Institute of Social Research says 34% of those aged 18 to 34 get cash from Mom and Dad every year. Parents help in other ways, giving generous presents, cars, and down payments for homes.

I know it depends on each individual's situation, but generally, I think the sooner we are able to support ourselves, the better. It's not the same when there's always a cushion to fall back on.