More than 60 percent of young adults between the ages of 19 and 22 received some financial help from mom and dad, according to a new University of Michigan study. The average amount they received – including help with college tuition, rent, and transportation – was roughly $7,500 a year.
The study is the first to use nationally representative data to calculate parental assistance to young adults and to analyze how help varies by family and individual characteristics. It is based on data from 2,098 interviews conducted between 2005 and 2009, with young men and women and their families, part of the Panel Study of Income Dynamics Transition to Adulthood Study at the U-M Institute for Social Research (ISR).
To read the full, original article click on this link: How much money parents give to college-age kids | ScienceBlog.com
