Living with your parents as an adult can be stressful depending on relationships and individual desires, but those benefiting from a rent-free situation should focus on the savings advantage. MagnifyMoney senior content director Ismat Mangla advises those folks to stay diligent with their money while living at home.
Gen Zers are most likely (37%) to report helping their parents financially. But given most of this support is in the form of housing costs (15%), it’s logical to imagine this financial assistance is more like rent or utility payments. (If you recall, 27% of Gen Zers say they live at home rent-free.)
Gaining total financial independence is a major milestone that most consumers will probably have to face at some point.
While most adults surveyed are currently financially independent from their parents, most — 56% — report receiving some monetary support at one point after turning 18. Most popularly, 24% of respondents say their parents helped pay for college. Another 22% have lived at home rent-free as an adult.