the staff of the Ridgewood blog
Ridgewood NJ, a USA TODAY survey encompassing 5,000 parents in 36 states with adult children aged 22 to 40 revealed that 65% of parents extend some form of financial support to their adult offspring. Notable findings specific to parental support in New Jersey include:
Ranking:
New Jersey secured the second position, trailing only Washington, as the state where parents most actively support their adult children.
72% of parents in New Jersey offer financial support to their adult children.
Financial Assistance:
New Jersey parents provide an average monthly support of $583 to their adult children.
Financial Independence Perception:
New Jersey parents consider the age of 25 as the appropriate milestone for adult children to achieve financial independence, placing the state in the third position. Massachusetts and New York ranked higher in this aspect.
Variety of Financial Support:
New Jersey parents lead in states providing diverse financial support, covering bills, entertainment, groceries, transportation, insurance, etc.
Debt Assistance:
New Jersey ranked first among states where parents are actively paying off the debt of their adult children.
The survey also highlighted that 51% of parents believe that the current economic climate necessitates more support compared to what previous generations required. While many parents set conditions for financial support, such as having a job, attending therapy, or avoiding risky behavior, 84% maintain that this support has not negatively impacted their relationship with their adult children or caused resentment.
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The college path has become a dead end.
Yea, do not go to college and end up working at USA Today doing a “Study”
With the exception of certain practical vocations, most college is just high school part 2.
It does not have to be HS part II. Certainly more than HS, you get out what you put into it. There are so many more opportunities, academic and otherwise to explore. And like it or not many employers will not consider hiring you without a college degree. Is college for everyone, absolutely not, but to say it is a dead end is unfortunate and short-sided.
I don’t mind helping to support my kids in their late 20s as long as they are putting money away into retirement and investment funds. They are excellent when it comes to how they spend their money. If I. An help them build wealth now, early on, why wouldn’t I?
Having observed my kids, their friends, and following the overwhelming narrative online, there has been a total shift in the mindset of the millennials and those who came after. Some of these people are now approaching 40. Many are still getting support of some kind from their parents. I see nothing but terrible financial mistakes in the form of unnecessary consumerism. The whole avocado toast thing was simply a metaphor for their spending habits.
All part of the “Everyone Gets a Trophy” philosophy.
These children were never properly prepared to be independent adults.
My parents helped us especially just before we got married and after our first child. I am grateful and happy I had support and love from them. I am also happy to do the same for my children. That is what good families do for each other.
Clearly you do not understand the article… or the problem.
You are confusing two different things.