Kids expect help when buying a home

Don’t expect kids to move out anytime soon

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GenY kids—those aged 15 to 33—expect to spunge off their parents until at least age 27.

OK. Spunge might be a bit harsh. I’m a mom helping my kids has never been in doubt. But, a new survey by Yconic, a global youth partnership group, provides some interesting insight into how GenYs perceive financial independence.

According to the recently released survey, the average GenY kid believes that financial independence is the ability to rely on their own income, and not get help from their parents. And while most believe they can achieve this state by age 27, teh reality is quite different. According to the survey, only 56% of those aged 30 to 33 reported actually achieving financial independence from their parents, while 18% of adult-children in this age group still lived with their parents.

For the GenYs aged 25 to 29, 15% had already bought their own place, while 53% between the ages 30 to 33, were already homeowners.

Now, if you are a parent looking for ways to get your kid out of the basement, you may be surprised to learn that 24% of GenYs expected their parents to help them with a down payment on a home—but a full 32% of current GenY home owners had actually gotten help from their family for a down payment on a place.

(Yconic.com)

(Yconic.com)

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3 comments on “Kids expect help when buying a home

  1. Today’s youth seems more educated/knowledgeable than ever. Is this lack of independence a symptom of wage compression via globalization? While demand for oil continues, manufacturing base continues to decline without much of a fight. High tech/highly educated jobs can be performed in lower standard of living countries. People are now taking out 8yr car loans. Only avid MONEY SENSE readers understand the full impact. Will these young kids ever make it to MIDDLE CLASS status or is that a thing of the past in this new global world?

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  2. Millennials should spend less time complaining. I’m a millennial. Graduated with two degrees (BA Econ, B.Ed) and $40,000 in debt. In <4 years I had retired the debt (that means paid back for people who don't know how money works) and saved $40,000. At which point I bought a car (used), cash, and paid for grad school (MA International Affairs), cash. Plus, I worked, so I still have $30,000 saved for a down payment and, oh yea, no debt. Oh, I also have travelled throughout Europe, Africa and the Middle East as well as 4 years in the Arctic. Did I also mention I was raised by a single mom making <$20,000 and had ZERO financial help for school?

    So, millenials who expect help when buying a home. You are all just whiney little children in adult bodies. Put on your big boy or big girl pants and grow the *bleep* up.

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  3. Makes me embarrassed of my generation.

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