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10/11/2012 - Young adults less reliant on Mom and Dad

Young adults are not relying on their parents' finances.

While some young adults often look to their parents for some extra money when times are tough, a new poll suggests this may not be as common as it once was.

According to a survey conducted by Clark University, almost 70% of 18-to-29-year-olds receive little or no financial help from their parents. In addition, the poll found that as children get older, the less likely they are to receive monetary assistance. For instance, about 28% of young adults between 18 and 21 years of age got regular support from their parents but this drops to only 6% for those between 26 and 29.

Jeff Arnett, a psychology professor at the Central Massachusetts-based school, indicated that many parents are hesitant to provide for their grown-up kids, wanting them to recognize the added responsibility that comes with adulthood.

"Our research shows that parental support of emerging adult children diminishes as these children age into their 20s and also tends to focus on one-time expenses, such as furniture or a car repair, rather than ongoing assistance," said Arnett.

He stipulated, however, that many parents still keep their young adult children on their subscription-based plans, such as cellphone plans or auto insurance policies.

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