More parents are subsidizing their “kidadults” through their 20s and longer, reports the Arizona Republic.
Research from the University of Michigan indicates that 56 percent of young adults are living a life of quasi-independence. They have jobs and their own homes but they still get help from their parents when the bills come in.
Young people are staying in school longer, then struggling to find jobs, earn a living and pay off college loans. They’re marrying later and having children later than earlier generations. And they’ve got “helicopter parents.”
“Parents want to have more control, they want to be involved, and in general young people welcome it,” said Patricia Somers, an associate professor of education at the University of Texas-Austin who studies family dynamics.
The recession has made it harder for young people to “launch.” From 2006 to 2010, the employment rate for 18- to 29-year-olds fell by nine points, reports the Pew Research Center. Employment held steady or rose slightly for those 30 to 64 years old. Young workers are earning less.
The annual earnings of all full-time workers ages 25 to 34 have decreased since 1980, when adjusted for inflation, according to the U.S. Department of Education.
While college graduates earn more and are more likely to be employed, their debt load is increasing: In 1993, the average graduate owed $9,297; by 2008, the average debt was $23,118.
Update: A Brookings study on The Long and Twisting Road to Adulthood estimates that parents spend 10 percent of their income “helping their children begin adult lives.” The percentage of 25-year-olds living independently dropped sharply from the 1970s to the turn of the 21st century.