Anecdotally, this is definitely true. A particularly relevant stat for why: “40% of men said that their priority was to enjoy life now, versus 28% of women.”
Maybe because some parents still consider that their married daughter becomes her husband’s burden to bear but don’t believe the same applies to their sons: « Less than half of women in their early 30s get financial support from their parents, compared with 62% of men. »
Just a reminder that the survey is conducted by a bank which has a vested interest here. The survey is designed to make you want to go and discuss savings and investments with them. There is almost certainly a kernel of truth here but take it with a pinch of salt.
I don't want to ruffle any feathers here, but I definitely come from the school of post-collegiate independence so this is a mind-blowing stat
"58% of the 18-34 year olds said they would not be able to afford their current lifestyle without help from the Bank of Mom and Dad."
Click the “a new report” in the article and you get what appears to be a Merrill Lynch ad disguised as news. The contact person at the bottom of the article is from Bank of America. I don’t believe a word of this. Quartz editors did you get paid to publish this? Your reporter is using pseudo news advertising as a source. This is not journalism and isn’t the first article like this I’ve read on this app. I really enjoy this app, but would like to count on the Quartz editors to deliver quality, real news content.
Ironically among Asians this is almost the exact opposite. Asians tend to support their daughters well into their 30s, and almost indefinitely if they are not married. Whereas the expectation his that sons will find jobs and make money right out of college.
If this $500B was instead viewed as consumer debt (spending what you didn’t earn), might we be somewhat less sanguine about this? Intergenerational finance is important in both directions, but as consumer debt continues its unchecked rise, what matters is that as a society we continue to overspend. If young people are contributing to that, more the pity.
This stort is confusing.... so much so that it makes you want to go look into the underlying source which many commentors seem to have done. Is this based on MLs customer base cause one would imagine many parents not being able to carry their children (regardless of gender) forever?
Before you judge this: “parents are spending more than $500 billion every year on their adult children.” Read the reason why and you may see it differently
This is strange I’m not exactly sure what to make of it. Do I think it’s unfair for girls [30-year-old women] or just sad for the boys [30-year-old men]?
“Parents are spending more than $500 billion every year on their adult children.” Wow.
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