Gen Y Still Depends on Mom & Dad More Than You Might Expect
Graduating from college may be a symbol of transitioning into the real world, but new grads still depend heavily on Mom and Dad, a new survey shows.
Not only do parents often provide new graduates with financial help, they often lend a (heavy) hand with their child’s job search, too, according to the Adecco Group’s 2012 Graduation Survey. Their telephone calls to more than 500 recent college graduates aged 22-26 found that more than half rely on their parents to pay at least some of their living expenses. The most popular covered expenses include cell phone bill payments (32 percent), food (21 percent), internet (20 percent) and health insurance (20 percent).
When it comes to the job search, nearly a third of those graduates reported their parents are somehow involved in their search, even if they’re not depending on the ‘rents for financial support. One in 10 said they’re tapping their parents’ personal networks to help them find job opportunities.
And get this: males are more inclined to get the extra help. Fourteen percent of young men reported their parents help them find job listings, compared to 9 percent of women. More guys also received help from mom and dad as far as resume and cover letter preparation: 11 percent versus 4 percent of young women.
What do you think? When you’re a new grad, what’s a healthy level of dependence on the ‘rents?
Ana Gonzalez Ribeiro, MBA is a writer based in NYC. She’s published her articles in various publications and writes about personal finance, education and work.
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