Kerby Anderson

Reporter Leonardo Blair says that the youngest generations are “mired in debt” and that a “majority of young adults are financially dependent on parents.” He based these conclusions on a recent study by Pew Research Center’s American Trends Panel.

The study was a collection of two surveys taken in October and November. The researchers found that less than half (45%) of these young adults (18-34) reported being completely financially independent from their parents. As you might have expected, the older adults (in their early 30s) were much more likely to be completely financially independent from their parents.

On the other side, nearly half (44%) of young adults said they received financial help from their parents in the past year. The survey identified two major areas where they needed financial help from their parents. One was to pay for household expenses. The other was to pay for their cellphone bill or subscriptions to streaming services.

The survey also found that the debt load of young adults has skyrocketed. This includes not only student loan debt but mortgage debt. The article and the research study compared mortgage debt in previous decades as well as the price of a home. Both have increased due to inflation and due to rising interest rates on those mortgages.

This also has an impact on marriage and families. A much lower percentage of young adults (18-24) are likely to be married today compared to previous decades. And young adults are much less likely to have a child living in their household than in previous decades.

As I have mentioned in previous commentaries, many politicians have been trying to tell Americans that the economy is doing well. Many of these young people just don’t feel that way.