DIRS.INFO The most relevant business & tech news

☆ 47% of parents still financially support adult children, study finds. Here's how much they spend
▼ + stars: | 2024-03-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Many argue it's harder today for young adults to make it on their own. In addition to soaring food and housing costs, millennials and Generation Z face other financial challenges their parents did not at that age. More from Personal Finance:3 ways Gen Zers can build creditWhy can't today's young adults leave the nest? Gen Z, millennials are 'house hacking' to become homeownersBy other measures, young adults are doing well. And yet, 61% of adult children still living at home don't contribute to household expenses at all, Savings.com found.

Persons: Gen Zers, Savings.com Organizations: Savings.com, Finance

Most grandparents offer some form of financial help to their children and grandchildren. Between inflation, rising housing costs, and increasing interest rates, it makes sense that grandparents and parents may want to help support their children and grandchildren financially. If parents weren't supporting their adult children, they'd have almost $3,000 more annually to put into their retirement funds, that same research found. Studies show that many grandparents are sabotaging their own financial future to help their adult children and grandchildren." Or grandparents might consider cohabitating with adult children and grandchildren to save money.

Persons: —, I'd, Cyrus Bamji, Savings.com, Bamji, it's, there's, Baby Boomers, Roth Organizations: Service, Alliance, Lifetime, AARP, Alliance for Lifetime

☆ Should college graduates be financially independent? Parents and young adults disagree
▼ + stars: | 2023-05-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch nowYoung adults face financial challengesIn part, millennials and Gen Z face financial challenges that their parents did not as young adults: On top of carrying larger student loan balances, their wages are lower than their parents' earnings when they were in their 20s and 30s. Soaring food and housing costs pose additional hurdles for young adults just starting out. Now, 68% of parents with children over age 18 are making a financial sacrifice to help support them, according to Bankrate's report. For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is in jeopardy. Kids have to realize that the quid pro quo here is that they're going to be expected to take care of their parents.

☆ Parents and kids disagree on the right age to become financially independent, report finds
▼ + stars: | 2023-04-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Most people feel like a grownup by the time they're 18, but these days young adults might not become financially independent until years later. And even then, parents and their children could disagree on what exactly that means. While young adults said 21 is a good age to start paying some of their own expenses, older generations are more likely to think that their kids should be completely financially independent by then, according to a new report by Bankrate.com. Soaring food and housing costs pose additional hurdles for young adults just starting out. Now, 68% of parents with children over age 18 are making a financial sacrifice to help support them, according to Bankrate's report.

☆ Amid inflation, nearly half of parents financially support their adult children, but 'it has to go both ways,' economist warns
▼ + stars: | 2023-03-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

To keep up with rising costs, many young adults turn to a likely safety net: their parents. On average, these parents are spending more than $1,400 a month helping their adult children make ends meet, the report found. Soaring food and housing costs are just some of the significant hurdles for young adults just starting out. For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is at risk. And parents nearing retirement contribute the most to their children — to the tune of about $2,100 a month, on average, while only putting $643 a month into their retirement accounts, Savings.com found.

☆ Gen Zers are coming home for the holidays on mom and dad's dime, study says
▼ + stars: | 2022-12-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Travel demand has surged this year, although not everyone can afford the sky-high tab. Young adults, in particular, are shifting their holiday getaway plans accordingly, a recent report found. About half of Generation Z plan to travel home this holiday season. However, 41% will rely on their parents or family members to pay for their accommodations, according to a study by Credit Karma. Inflation has made it even harder for those just starting out, who are now squeezed by the surging cost of living and sky-high rents.

Consumers in Iowa and Ohio had the most trouble saving while shopping online in 2011, according to Savings.com. shoppers topped the list of super savers, but cities on the West Coast dominated the category overall. The worst cities for saving were in the Southeast and Midwest, overwhelmingly. Ohio cities made up seven of the 20 picks for worst savers. Check out the full infographic below:Http://www.savings.comNow see the dirty dozen scams to watch out for this holiday season >

Organizations: West Coast Locations: Iowa, Ohio, Salisbury, Md, Washington, California, Midwest

Search resuls for: "Savings.com"

7 mentions found