Tuesday, June 25

Milking by parents for more money

| By Katie little, CNBC

Your heirs are your cent remain in your home and life-well in their 20s? A recent study suggests, that is a part of their plan.

If junior has his way, there is a good chance that he plans that until his mid-20s, while at the same time believe, his financial future brighter than your new research shows his cents on your.

About 29% of respondents expect to 25 years or older, before they are financially independent without the help of parents, according to a survey by the Allstate Foundation and junior achievement United States.

That is up by 27% in the past year, and it is a strong increase of 16% who felt the same manner two years ago.

Rob Callender, Director of knowledge for youth-market research firm attributed to Tru, the high rate of unemployment among young people of this planned depending on parents. This figure is 25.1% for teens ages 16 to 19, according to the Government.

Like many middle-aged workers jobs they are overqualified for hit have, they have ousted, younger people on the totem pole, Callender, said. "It is like a reverse domino effect, where there are young people who can have training but not the experience is displaced,", he said.

Ironically are more young people about their future, despite believe that they will be instructed in their 20s on their parents and possibly beyond, optimistic after several data points.

While teenagers expect more on her parents instructed, she hold out financially as well as members of the younger generation as or better off than their parents with almost 65% expression of this opinion that resulted in Allstate/Junior Achievement survey. It depends on more than 56% in the previous year.

Young people were Trus survey with 90% believe that they at least as well off as their parents are still optimistic.

"They were optimistic, even in the midst of the recession," said Barbara E. Ray, co-author of "not quite adults: why 20-somethings choose a slower path to adulthood, and why it is good for everyone."

Ray added, "they know the trends, they know they are part of a larger trend, but they think it will be OK for them. It is a kind of classic American optimism. but perhaps a little unrealistic"

The unemployment total plot data of a stark picture for young adults as they at the beginning of her career. Although the overall unemployment rate up to 7.6% in may edge, the unemployment rate for 20 to 24 years old to 13.2%.

In the face of high unemployment, it is no surprise that the camp at home their parents many young adults have set up. This "Boomerang" is set, which accounts for almost three out of ten young adults, has pushed forward according to a report by the Pew Research the percentage of those returning to their family homes to the highest level since the 1950s Center starting in 2012.

Author Ray said, that such a contract must build young adults secure future can help.

"You can get your ducks in a row basically because you decide not solely on the basis of money", Ray said. "You can go to, you get the advanced degrees may or not, to take jobs, possibly not the best work, on a strong trajectory launch."

Despite the Economic Outlook. Ray described the 20-something cohort as "very optimistic."

As more and more young people are dependent on their parents, which puts additional pressure on the so-called "sandwich generation", their parents and their children at a time fit the group when they try to fund their own retirement preparation.

According to a survey in January by the Pew Research Center at the age of about 15% the Middle adults reported, the financial support of an aging parents and a child, with generation X boomers to replace, to feel as the group most likely the squeeze.

The Allstate survey also showed a lack of communication between adults and their children about paying for College. Almost three out of ten young people said that they don't skimp with their parents had spoken for higher education. These findings come even as student debt has taken the record $1 trillion mark measured on the consumer financial protection Bureau.

But hey, at least MOM and dad will be there later financially contributing. (Or at least that's what their teens are planning.)

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