REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - At what age should American kids become financially independent?
In almost every category, Baby Boomers expect people to become financially independent a year or two earlier compared to what Gen Z has to say.
With health insurance, for instance, adult kids can typically stay on parent plans until the age of 26.
BE STRATEGIC ABOUT FINANCIAL ASSISTANCEThe reality is the parents do indeed help adult kids out financially: 68% of them have made such a sacrifice, according to Bankrate.
For instance, if such help has erased your own emergency fund, or depleted your retirement accounts, that is not going to help anybody – and, in fact, will boomerang on those kids later if you become dependent on them.
Persons:
Dado Ruvic, ”, Ted Rossman, Amy McGahan, –, Lauren Young, Diane Craft
Organizations:
REUTERS, Boomers, Pew Research Center, Thomson
Locations:
Cleveland