Gen Y Still Depends on Mom & Dad More Than You Might Expect
When you’re a new grad, what’s a healthy level of dependence on the ‘rents?
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 ’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 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.
6 Comments
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Alisa Conley says:
Hmm personally I think it’s okay for parents to support their kids financially when they’re still unemployed, but resume & cover letter preparation??
Newly grads ought to know what they have to do after graduating, and it’ll help them even more if they prepare for it early on. This guide is a spot on for newly grads who want to be successful in the job search scene.
Jrandom42 says:
My parents’s support ceased when I was drafted. They figured that if I was deciding to serve instead of running away to Canada or Sweden, they figured that I’d climb the learning currve in deciding what I wanted to do, how I’d get there, take care of myself, do the hard work, and how to pay for it all without imposing on them. To them, that’s what it means to be an independent, self-directed, mature, and functioning adult
Joel Rigonan says:
I am not yet a graduate but I always wanted to live a life away from my parents. Not rebelling or what, but I was raised learning how to live alone. And I always desired that after i graduate from college, I’ll live on my own. What I’m trying to say is, a graduate student must learn how to leave independently. Yes, parents are there to still give you support until they let you go and trek the life you’ve always wanted. It’s a lesson in itself. We learn to live by ourselves and we learn to tackle an independent life one at a time. It’s maturity. We all go through it.
Cheap web hosting says:
Its very hard to depend upon the parents once you complete your study. Hts off the the parents they do lot for the kids .
janeeee1 says:
When they pay their own cell phone bill, the cord has been cut.
Sstuff says:
Independence comes from working hard and sometimes failing. I found a job in a large city 3 hours away and lived in a apartment with no cable, AC, dishwasher, crummy bath and kitchen but in a safe but edgy area because that was all I could afford. I had the time of my life and figuring out I could survive but at a much lower standard than I would have expected. The best lesson was the first cold month my roommate and I turned the heat up to 70 because it felt good to wear t shirts inside. The apt was old and the heat bill was 1/3 of our rent.
After that each paycheck I would put cash in envelopes for food, entertainment, etc and learned what it really meant to rob peter to pay paul. The best was instead of calling my parents I called the gas company and they let me pay it off over a period of time and we turned the thermostat back to 55 when were gone and 67 when were home.