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42% of adults rely on their parents for financial support

cnbc.com

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Re: 42% of adults rely on their parents for financial support

#101

Post by anthonypasq »

butlike wrote: post #19
anthonypasq wrote: post #3

I think the word "rely" is doing some heavy lifting here. Still being on your parent's family phone plan doesnt mean youd be destitute if they werent helping you out.

I don't know, that one doesn't seem as benign as your making it out to be. I would say if you're having your parents subsidize your phone bill you're still not technically living on your own.

theres plenty of people making 6 figures at 25 that still have their parents pay their phone bill because they get a family discount. i dont get your point

Re: 42% of adults rely on their parents for financial support

#102

Post by LastTrain »

slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

I really hate this “we don’t build enough housing” narrative these days, because it implies this is a simple supply and demand problem, which it is not. I see so many progressives repeating this line, apparently not understanding that they are suggesting unfettered capitalism (up zoning…) is the solution.

The fundamental problem is we simultaneously want our housing to be affordable and good investment. It can’t be both.

Re: 42% of adults rely on their parents for financial support

#104

Post by alphawhisky »

tamimio wrote: post #86

Because boomers are selfish and holding onto most of the wealth, ruining and destroying the generations to follow. It’s a weird phenomenon actually, their parents gave them everything possible, even independence, yet, the boomers do all sort of shenanigans to keep holding on the wealth, and when they can’t, they go on manipulation tactics, as if their lives are the center of universe and all generations after are the…

>all generations after are the minions to serve them

Serve their kids. The money is only incidental to the power structure (nepotism, classism, xenophobia) that they intend to pass down to their chosen successors. They've been working to limit economic mobility, opportunity, and fairness for a while now.

Re: 42% of adults rely on their parents for financial support

#106

Post by jayGlow »

Animats wrote: post #88
slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

> We don't, as a matter of intentional policy, build enough housing. If actual number of houses was the problem, house prices would not be increasing in areas of population decline. It's existing houses being repriced upward by speculation that makes them unaffordable.

are these areas with declining populations and rising housing prices increasing the number of houses? it could be that the population declines because no one can afford to live there however it's still a desirable area so prices remain high. cities like Austin are seeing reduction in housing prices despite population increase due to construction of new housing.

Re: 42% of adults rely on their parents for financial support

#107

Post by vslira »

Animats wrote: post #88
slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

> We don't, as a matter of intentional policy, build enough housing. If actual number of houses was the problem, house prices would not be increasing in areas of population decline. It's existing houses being repriced upward by speculation that makes them unaffordable.

It's not number of houses, it's number of houses where people want to live.

"house prices would not be increasing in areas of population decline" -> the causation could be running backwards: a family of 2 (maybe 2 retired people with accumulated wealth) can outcompete with a young family of 4 for the same unit, that drives prices up and population down. I'm not saying this is the case, but decreasing population not being associated with decreasing housing prices does not mean that increasing housing prices is not caused by housing scarcity

Re: 42% of adults rely on their parents for financial support

#108

Post by exiguus »

jghn wrote: post #76
exiguus wrote: post #52

The question that was ask in the survey was: How financially independent you currently feel from your parents (meaning you could support yourself without them if needed) I understand that YC is questioning the results of the survey. The YC community is very privileged; and i bet, if we do the same survey in this community, 20% or less of adults rely on their parents.

Also, the first thought I had was "what %age of adults are 18-30". Not that a 30yo should be dependent on their parents but I'd assume that people answering yes skew younger. And to your point about YC, that's also a young skewed demographic.

I also thought that YC might be younger, but then i remembered that most (successful) founders are 40+. Do we know something about YC demographics? Aside from the fact that it's obvious that a great many of them come from STEM fields. I did not find anything about it.

Re: 42% of adults rely on their parents for financial support

#109

Post by pllbnk »

pizzafeelsright wrote: post #100
pllbnk wrote: post #79

Earlier quoted context omitted.

I can’t understand morally or financially how can parents charge anything of their children. Not judging it, just honestly can’t understand it. Isn’t it the parents’ responsibility to build the foundation for their children and keep building it until it’s there? I am viewing it from a moral angle where it’s the parents’ selfish choice to have a child so they must take full responsibility until a child is or feels tha…

In my house the >8 years old the kids start paying rent. They get paid for normal house work (minimum wage). Rent is ~$300/month. I pay the kid minimum wage for chores because that is work and work should be rewarded. They pay me rent. That rent and other expenses are ~80% of their pay. Some must go to savings and "taxes". They have to keep books as well. The rest is theirs. I know other fathers that charge their adu…

I understand that such a game of life might be beneficial for a child. But I would like to understand the reasoning to do that with an adult.

> I know other fathers that charge their adult children rent, keep the money, and then gift it to them at the wedding or to help them buy a house.

This looks like a game which should have ended by the time a child is an adult.

I am raising a very young child so I am very concerned about the future and constantly thinking what's the right way to raise him.

Re: 42% of adults rely on their parents for financial support

#110

Post by joe_mamba »

sva_ wrote: post #98
slibhb wrote: post #80

Downward mobility is almost entirely caused by housing costs, which are a self-inflicted problem. We don't, as a matter of intentional policy, build enough housing. I live in an expensive area and I'm always shocked by how many of my friends who cannot afford to buy a home (or even a condo) are NIMBYs. These are people in their 20s through 40s who have been earning since college, can't afford to buy, yet get annoyed…

In Germany we even import people by the millions to keep rents high, among other things, and more than half of them get their housing paid for by taxpayers money.

Same in Austria and other old wealthy EU countries that have since economically stagnated or even declined.

All that seems to matters today, is that the GDP number keeps going up at any and all cost, regardless of long term externalities and second order effect to society. Kina like Saturn devouring his children.

Like sure, now you need to wait 4 months to see a public healthcare specialist compared to only 2 weeks 8 years ago, but the GDP number is higher now than back then, so obviously we must be better off today than in the past, right? RIGHT?!

That's why EU politicians are rushing to implement free speech crackdowns, invasive privacy laws using dictatorial techniques, like last week's Chat Control 1.0. They know they're on borrowed time before the majority of the population wises up and turns against them for the effects of the unpopular policies they pushed that lead to their decline in quality of life and purchasing power.

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