The fragile finances of millions of Americans have been highlighted in a new survey
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The fragile finances of millions of Americans have been highlighted in a new survey.
The research from creditcards.com reveals that 74% of parents with children over 18 have helped out their kids with paying bills or everyday expenses. Although based on a sample of 1,092 US adults, it could mean as many as 49 million Americans rely on mom and dad to help with living costs.
“Some parents have a hard time letting go, and they continue to over-function for their children for longer than is necessary,” said Debbie Pincus, a New York-based psychotherapist and author of “The Calm Parent.” “It makes it more difficult for children to get on their feet because they don’t have to.”
Almost two thirds of respondents said they had helped with living expenses while 52% said they had helped with debt payments.
Fortunately, the survey appears to show that mortgage payments are not frequently a cause for concern. Just 6% of respondents had helped their adult child to make a home loan payment, compared to 39% for cellphone payments, 36% for transportation costs and 10% for personal loans.
The research from creditcards.com reveals that 74% of parents with children over 18 have helped out their kids with paying bills or everyday expenses. Although based on a sample of 1,092 US adults, it could mean as many as 49 million Americans rely on mom and dad to help with living costs.
“Some parents have a hard time letting go, and they continue to over-function for their children for longer than is necessary,” said Debbie Pincus, a New York-based psychotherapist and author of “The Calm Parent.” “It makes it more difficult for children to get on their feet because they don’t have to.”
Almost two thirds of respondents said they had helped with living expenses while 52% said they had helped with debt payments.
Fortunately, the survey appears to show that mortgage payments are not frequently a cause for concern. Just 6% of respondents had helped their adult child to make a home loan payment, compared to 39% for cellphone payments, 36% for transportation costs and 10% for personal loans.
