Posted on 07/31/2019 7:29:43 AM PDT by Rummyfan
Despite America's improving economic state as of late, a new study suggests millennials are not weaning themselves off of their parents' money particularly well – or at all. According to the poll, 46 per cent of millennials (that's anyone born between 1981 and 1996 typically) "admitted their parents help them with basic costs like their cell phone bill, their groceries, and their rent." Similarly, 48 per cent said their parents were their first stop for financial support above a bank loan or savings.
The report concludes:
Millennials have high hopes for the future, but so far their insatiable appetite for financial success has slipped through their fingers. Millennials are becoming independent much later in life than their parents or grandparents did.
This has been a problem years in the making. Mark wrote about it in After America, in fact....
(Excerpt) Read more at steynonline.com ...
So what do we do about this problem?
I suspect every family has their own process. In my case, my adult children still lived at home as young adults, paying nominal rent, sharing other expenses, and saved their money until they could afford to move out on their own. Both are homeowners today in their mid 30s. And they are homeowners because they were responsible and saved their money. Mom and Dad did not give them money to buy a house.
[[[Indeed, one reason why the existential threat of that transformation is so hard to recognize is because, among its other effects, protracted adolescence so infantilizes the populace (as Wells saw in The Time Machine) that it utterly enervates even a basic survival instinct.]]]
What a great example. An Eloi generation in the making.
You set conditions with an end goal which was entirely appropriate.
My folks loaned me money for my first house. They were getting 4% interest at their bank. The bank wanted 11% interest from me. My folks said, no way, and did my loan at 5& 1/2% interest. Win, win! I paid them back in 7 years.
That’s business, not welfare. Good deal for you both.
One that I remember was "Welfare should be a temporary safety net, not a multi-generational hammock."
I know people who pay as much money for a cell phone bill monthly that would equal a house payment for a good starter home.
Try to explain that to them & it falls on deaf ears.
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