Is Depending on Your Parents Financially More Expensive Than Borrowing?

The cheap shots about how young adults are in debt because they blow their entire paycheck on avocado toast and almond milk lattes are so out of date that one rarely hears them anymore.  First, the working adults who joyfully blew their first paycheck on an extravagant brunch with their friends are no longer young.  Second, no one can afford avocado toast brunches and almond milk lattes on the way to work anymore.  People whose income exceeds $100,000 per year live paycheck to paycheck in all 50 states, and especially in expensive metropolitan areas like Philadelphia.  There is no escaping the fact that, in general, our generation is having a more difficult time financially than our parents did.  Parents who can afford to help their adult children usually do, but this is not an ideal arrangement for either of the generations involved.  If you are fortunate enough to have the financial support of your parents but are still feeling financially stressed, contact a Philadelphia debt relief lawyer.

Is the Bank of Mom and Dad More Burdensome to Parents or to Their Adult Children?

When parents give their children money each month to help with expenses, it is usually more than just ordering them a pizza on a Friday night.  Parents who help their children with monthly expenses usually send about $1,800 per month to adult sons and daughters between the ages of 18 and 29 and an average of $800 per month to their Millennial offspring between the ages of 30 and 44.  Imagine what seniors approaching retirement could do with an extra $1,800 per month.  Our society is truly watching generational wealth disappear in real time.

For the recipients of parents’ money, the costs are other than financial.  Accepting financial support from your parents can exacerbate family tensions and make adult sons and daughters feel less free to make decisions that their parents disagree with.

Where Will You Get Stopgap Funds, If Not From Your Parents?

The simplistic advice about reducing your expenses falls flat, especially since you have not made an impulse purchase in years; the money you get from your parents is just to cover necessities.  Likewise, moving in with your parents, if you do not already live with them, will not improve the situation; it will make you more dependent on your parents instead of more independent, and there is no telling when you will be able to move out.

If your goal is to build your creditworthiness when you have no credit history, a good place to start is by opening a secured credit card account.  If you are already scrambling to make minimum payments on your debts and can only keep up when your parents contribute, it might be a good idea to file for bankruptcy or settle your debts.

Contact CONSUMERLAWPA.com About Getting Financially Independent of Your Parents

A Philadelphia consumer law attorney can help you if asking your parents for money to make ends meet is unsustainable.  Contact CONSUMERLAWPA.com to set up a free, confidential consultation.

Source:

usatoday.com/story/money/2025/05/12/adults-still-get-money-from-parents-2025/83539381007/