Magazine article Work & Family Life

Getting by with Financial Help from Parents

Magazine article Work & Family Life

Getting by with Financial Help from Parents

Article excerpt

A nationwide survey shows that nearly half of young people in their 20s get some financial help from their parents for living expenses. The average amount is about $3,000 a year.

The amount of help varies, however, by career choice and geography, according to a "Transition Into Adulthood Supplement" study for the Institute for Social Research at the University of Michigan. Young people in art and design fields get the most help, averaging $3,600 a year, and those who work in farming, construction, the military, retail and personal services get the least.

Much of the difference has to do with "higher barriers of entry" into fields like art, education, health and law, says data analyst Patrick Wightman of the University of Arizona. "Someone who wants to go into graphic design or marketing requires a fair amount of time to get up to the point where you're independent," Wightman says. "So those career choices are not really an option if you don't have other sources of income."

After years of training and internships, there is a clearer, larger payoff for college graduates in fields of science, technology, engineering, management and law, the survey shows, but the pay in art, design and education is low in the early years and, for some people, remains low. …

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