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.