A recent survey commissioned by the National Endowment for Financial Education (NEFE) in cooperation with Forbes.com shows that 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.
Results of the survey explores how the current economic and job conditions are presenting a bigger challenge than expected for those who should be leaving the nest. Sixty-five percent of adult children, between ages 18-39 who are not in school believe the financial pressures faced by their generation are tougher than those experienced by previous generations.
If parents are going to financially support their adult children, they should have a serious talk about their kids’ expectations so that everyone protects their financial futures. Sometimes, when the parents are trying to help their children out, they may be jeopardizing their own futures or not be able to do things they had plans to do.
This survey was conducted online within the U.S. by Harris Interactive on behalf of NEFE from May 10-12, 2011, among 683 adults ages 18-39 who are not students, and 391 parents of children ages 18-39 who are not students.