NEW YORK CITY — New York’s millennials and Gen Zers aren’t so keen to leave the nest, a new study found.
More than a third — 34 percent, to be precise — of Empire State parents surveyed still have adult children living at home, according to data compiled by RetirementInvestments.com and provided to Patch.
And 45 percent of New York parents are still helping their adult children financially, whether they live at home or not, the survey data shows. Eleven percent of parents surveyed even dipped into retirement savings to help their adult children, according to the data.
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New York parents aren’t alone either in helping out their adult kids, according to the overall study.
“A parent’s job is never truly over, but it looks like parents of Gen Z and Millennials are doing a lot more than just offering emotional support after their children turn 18,” the study states.
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But before New Yorkers throw their hands up and decry entire generations, the study did find the state’s numbers aren’t quite as high as those nationally.
Out of 1,000 parents surveyed nationwide who have kids ages 18 to 42, more than half — 55 percent — still help their adult children financially, the study found.
And 19 percent of them have dipped into their retirement savings to help their kids, according to the study.
Those parents who are giving money also have a gloomy view of their adult kids’ future financial independence.
“More than half (60%) do not think their child will become financially independent in 2023,” the study states.
As far as adult kids who live at home, that’s the case for 39 percent of parents surveyed, the study found.
“Those parents admitted they initially expected their child to move out when they turned 23,” the study states.
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“Now, parents don’t anticipate becoming empty nesters until their kid is at least 27! The majority (88%) do not think their child will move out in 2023.”
Read the full study here.
Patch writer Kathleen Culliton contributed to this report.
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