NJ parents rank high for supporting their adult children
Navigating the waters of adulthood can be difficult and with spiraling home prices and crushing student loan debt, young adults are waiting longer and longer to go out on their own, and, when they do, many still need help from mom and dad.
That is particularly true here in New Jersey; a recent study says parents in the Garden State are among the most generous in the country.
According to USA Today, New Jersey parents rank #2 in helping support their adult children.
The study says the following about New Jersey and parents:
⚫ 72% of NJ parents financially support adult kids.
⚫ On average, parents in NJ give their adult children $583 monthly to make ends meet.
⚫ 25 is the average age NJ parents believe their children should be financially independent.
⚫ New Jersey parents rank highest for states that offer a variety of financial support (paying bills, giving money for entertainment, etc.)
⚫ NJ does however rank #1 for states where parents are paying off their adult children's debt.
Those are some eye-opening numbers; 72% of parents are helping their kids out. Speaking as the parent of three twenty-somethings, I know it is awfully difficult for them to get a financial foothold in life.
Everything in New Jersey is so incredibly expensive; my 27-year-old has a good job, but he couldn’t afford his Jersey City apartment without a roommate. Buying a house in this market seems like a pipe dream. I admit that I’ve helped them out financially from time to time, but my parents did the same for me when I was young.
Sooner or later, they’ll become financially independent, but I don’t mind helping until they do.
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Gallery Credit: Emily Sherman
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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