62 Percent of Parents Provide Financial Assistance to Their 19- to 22-Year-Old Children

On May 3^rd, 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.