Young adults are increasingly living with their parents and relying on them for financial support, per a recent survey.
Pew Research found that more "young adults today live with their parents than in the past" in a survey published Thursday. "Among those ages 18 to 24, 57% are living in a parent’s home, compared with 53% in 1993."
Roughly 59% of parents said they gave their adult children help with their finances over the past year, Pew found.
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"A majority of young adults who live with a parent (64%) say this arrangement has had a positive impact on their personal financial situation," the survey continued. "Some 55% say the impact on their relationship with their parents has been positive."
Many young adults also help their parents with bills and other expenses while living at home, with 65% assisting in paying for "household expenses such as groceries or utility bills," while 46% help out with rent or mortgage payments.
The Wall Street Journal interviewed experts on personal finances, with many saying that younger people "take longer to reach many adult milestones," meaning that it costs more from their parents to support them until they finally achieve those milestones.
"That transition has gotten later and later, for a lot of different reasons. Now it’s age 25, 30, 35, 40," Sarah Behr, founder of Simplify Financial Planning in San Francisco, told The Journal.
A 39-year-old husband and high school teacher, Adam Stojanik, said the down payment for buying a house made it difficult for them to get by without help from their families.
"We could pay a mortgage, but that down payment was the absolute crusher," Stojanik said. "The idea of trying to save up on our own—as long as we were paying rents in NY, would’ve taken 300 years."
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Some young adults receive a "young-adult allowance," meaning that they receive a sum of money from their parents "at least once in any given year," according to the outlet.
Pew's survey comes after another survey that found nearly half of young adults say they are "obsessed" with being rich.
The survey, conducted by Qualtrics on behalf of Intuit Credit Karma in December 2023, found 44% of Generation Z and 46% of millennials say they are "obsessed with the idea of being rich," compared to 27% of all Americans. A similar number of young adults reported experiencing "money dysmorphia," which the survey described as "having a distorted view of one’s finances that could lead them to make poor decisions."
As economic conditions remain uncertain in 2024, the survey also found 59% of millennials and 48% of Gen Zers feel behind on their financial goals.
Fox News' Kristine Parks contributed to this report.
