In the popular imagination, the money from mom and dad stops when you leave home at age 18 or soon thereafter. In reality, according to a new study, leaving home is optional, and the money flows to most young adults even if they do make their way into the big, wide world. Even more surprising, says lead author Patrick Wightman at the University of Minnesota, parents play favorites, and are "more likely to help those who, even at a young age, help themselves." Take that, common sense! Here's a look at the largesse of today's parents, by the numbers:
Percent of young adults (age 19-22) who get financial help from their parents
Average annual parental aid package that 62 percent receives
Percent of high-income parents (earning $99,910 or more a year) who dole out help
Average annual assistance from the high-earners
Percent of low-income parents (earning less than $37,274 a year) who provide assistance
Average annual assistance from low-income parents
Percent of all young adults who get help paying their bills (average $1,741 a year)
Percent who get help with their cars (average $9,682 a year)
Percent who get help with their rent (average $3,937 a year)
Percent who get outright gifts from mom and dad (average $8,220 a year)
Percent of parents who help their adult children with college tuition (average $10,147 a year)
Percent of high-income parents who help with college tuition (average $12,877 a year)
Percent of low-income parents who help with tuition (average $5,788 a year, or 10 percent of income)
Percent of young adults who live at home for a significant part of each year
Age by which parents (subconsciously) decide if a child will get financial help as an adult; kids deemed cheerful, self-reliant, and easygoing had better shots at receiving parental largesse later in life
Sources: LiveScience, Mommyish, University of Michigan [PDF], USA Today
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