50% of graduates continue to rely on the Bank of Mom and Dad

These days parents are finding that the nudge to encourage their children to achieve financial independence is turning into a firm push – even if they are graduates and have acquired a full-time job.

The Arizona Pathways to Life Success study of 1,000 young adults (who were participants of the University of Arizona) found that 50% of graduates between the ages of 23 and 26 continued to financially rely on their families.

With the unemployment having risen, it’s no surprise many recent graduates were seeking financial support. In April, the rate of unemployment between 20 and 24 was 10.6 and for those between the ages of 25 and 34, it was 6.6. These rates were higher than the overall unemployment rate which was 5.8!

The Arizona study further found that of those graduates that were employed full-time, 48.9% were still getting financial aid from the families.

Certified financial planner Sheryl Garrett of her own company Garrett Planning Network further goes on to discuss whether parents are actually helping their children and or enabling them.

Credit: Kelli B Grant

Source: www.today.com/

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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