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How Long Would You Mooch Off Your Parents?
It's not uncommon for a recent college graduate to cash in on parental generosity—or pity—by accepting financial support for everything from rent to groceries and gas money. But a new report shows that arrangement can last for decades, with adults in their 30s and 40s still turning to their parents for support.
According to a new report from the Society of Grownups, one in three adults ages 21 to 45 still receives financial help from his or her parents, whether it's to cover the costs of a cell phone bill, buy groceries, or pay for insurance. (Of course, that's two out of three adults who aren't mooching off their parents to pay their bills—but we must admit that knowing one-third still are turning to their parents for help is shocking nonetheless.)
What's more, that shocking stat doesn't just skew to the youngest adults as you might think. In fact, the report shows that nearly one-third of 30-somethings and more than one-fifth of 40-somethings receive what the Society of Grownups has dubbed as "significant, ongoing" financial support from their parents. And 70 percent of those who get parental help say they couldn't survive without it.
This doesn't exactly make today's young—and let's be honest, mid-aged—adults look good. And yet the report shows some good could still come from their mooching ways. "Of those who receive financial support, 34 percent expect to provide financial support to their parents in the next seven years," the report states.