More than half of working parents, 59%, are already providing or have provided financial support to adult children, ages 18 to 39, who are no longer in school, says a poll by the non-profit National Endowment for Financial Education.
“Parents were generally willing to provide support, says Ted Beck, CEO of NEFE. “But among those, 7% have delayed retirement, and 26% have taken out debt to do so — and that is a big red flag.”
In the new retirement world, more families are also moving in together. Multi-generational families had bottomed around 1980, but since then, extended family households have started to rise, according to a Pew Research Center study that looked at households from 1940 to 2008.
“There was a big increase, particularly in the last couple of years, among 25-to-34-year-olds,” says Pew’s Jeffrey Passel. “That is where we’d expect to see new people buying their first homes, but it is that group that is doubling up more.”
- Source: Usatoday.com
This is so sad and it makes me fear that the American dream is dying. Unless things change rapidly, there is about to be a lost generation of people who are highly educated, yet they are unemployed or underemployed.
- Michael Priceless