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Twenty-Somethings Still Seeking Parental Aid

An MSN Money article asking why Gen Y is broke started out as a typical article, arbitrarily wondering why we're incapable of managing our money (and asking questions like, "Is Gen Y dumb or just lazy?"), but nestled within are a few startling statistics.

This one is particularly striking: According to a recent Pew survey, 68 percent of baby boomers are supporting at least one of their adult children financially. It's hard to believe that only a third of 20- and 30-somethings are financially independent.

The reason for so many dependent young adults becomes clear with some of the other stats the article mentions. The average college debt for recent grads is more than $20,000; those between ages 25 and 34 make up 22.7 percent of all U.S. bankruptcies; the median credit-card debt of those aged 18 to 34 earning low- and middle-income is $8,200.

The good news? The more financial education we get, the less likely we'll be broke in the years to come, and we'll be able to teach our own children important lessons in financial literacy. Are you still receiving some help from your parents here and there?

Source

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