On May 3rd, USA Today focused on a University of Michigan study regarding the proportion of parents who provide
financial assistance to their 19- to 22-year-old children.
The lead author of the study, Patrick Wightman, found that 62% of young
adults collect funds from their parents.
About 42% of parents assist with bills, 35% pay for a portion of tuition,
and 23% help with vehicle costs. Additionally,
a little more than one in five parents contribute to their children’s rent and
11% provide their kids with loans.
82 % of wealthier parents (those making $99,910 or more a year) supported
their children with some form of financial assistance, compared to 47% of lower
income parents (those making less than $37,274). However, regardless of wealth, parents who provided money to
their children sent an equal share – about one tenth – of their income.
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