Monday, March 15, 2010

Parental Support Provided to Adult Children After Age 18

According to the U.S. Census Bureau, approximately half of young adults ages 18 to 24 in the United States live at home with their parents:

A 2007 study sponsored by Ameriprise Financial on Money Across Generations revealed that nine out of 10 Baby Boomers have helped their adult children financially expenses such as college loans, automotive and home costs, medical expenses and/or allowing their adult child to move back home.

According to a 2005 research study on Family Support During the Transition to Adulthood:

"On average, for those living at home and those living independently, parents provide roughly $38,000 in material assistance – housing, food, educational expenses, or direct cash assistance – throughout the transition to adulthood (from age 18 to age 34). This averages to approximately $2,200 annually."

Please note that the amount of material assistance, $38,000 is cited in 2001 dollars. When the amount is adjusted to 2009 dollars using the CPI Conversion Calculator, it is $46,694.

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