This is a study of current patterns of young people transitioning into adulthood and reaching the point of financial independence.
“Financial independence is one of the many markers used to designate the crossover from childhood into young adulthood, and it’s a milestone most Americans (64%) think young adults should reach by the time they are 22 years old, according to a new Pew Research Center study. But that’s not the reality for most young adults who’ve reached this age.”
“The new survey findings underscore the extent to which many young adults are financially reliant on their parents. Some 45% of adults ages 18 to 29 (with at least one living parent) say they have received a lot of or some financial help from their parents in the past 12 months. According to parents of young adults, those shares may be even higher. About six-in-ten parents with children ages 18 to 29 (59%) say they have given their kids at least some financial help in the past year.”
Beyond financial independence in adulthood, “the pace with which young adults are reaching other markers of adulthood has slowed significantly over the past several decades. Today’s young adults are staying in school longer and are marrying and establishing their own households later than previous generations. A growing share are living in their parents’ homes well into their 20s and even early 30s. Some of these changes are linked to economic challenges, while others may represent a realignment of goals and priorities.”
How Elaine Korngold Can Help
My professional background and my training give me a unique perspective on how money impacts individuals and couples. Frequently, it is not the lack of money that creates stress and anxiety, but how people mismanage their finances. I can help you clarify your values around money, identify the messages you received from your family, define your path to financial independence in adulthood, and understand what drives your money behaviors.
In my private practice I encourage clients to explore how their finances affect their emotional well-being through discussions about budgets, financial values, and core beliefs about money and spending. Research indicates that good financial health is important to reducing stress and increasing stability and satisfaction. With counseling, clients can begin addressing and resolving complex issues and emotions that manifest when they encounter financial stresses.