May 19, 2017 1:42 pm
These concerns are no surprise, considering that 53 percent of the moms surveyed make family financial decisions either alone or with “some input” from a partner. These moms often act as CFO of the family, taking a more active role than ever in the household’s finances and investments.
Many women are also living with extended family. In fact, 17 percent of those with a partner and children also report parents or other relatives living with them, emblematic of the modern “sandwich generation.”
Here are some other interesting findings from the report:
- Nearly 63 percent of moms say their adult children are not fully prepared to live on their own.
- Only 30 percent of moms say that their adult children who live with them are actively looking for other places to live, and less than half (41 percent) say their kids pay rent. One positive note: 67 percent of adult children help around the house, and 65 percent of them are employed.
- Mothers are very aware that their grown children don’t have it easy. Ninety percent are concerned about rising housing costs, with 43 percent saying they are “very concerned” on their kids’ behalf. Nearly 40 percent of moms worry at least once a day about their adult children’s ability to afford desirable housing.
- Once kids do move out, only one-third of moms would co-sign a loan for their children, and even fewer (24 percent) would help subsidize rent or a mortgage. Nearly 36 percent say they aren’t prepared to help their adult children financially in any way.
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Published with permission from RISMedia.