Young people rely on their parents the most when their income falls
MOST YOUNG people these days need a boost to get on the property ladder. In Britain more than 60% of homebuyers under 35 get financial help from their parents, according to Legal & General, a British insurer. Such assistance averaged £24,100 last year, up from £17,500 in 2016. The so-called Bank of Mum and Dad is now, in effect, the 11th-largest mortgage lender in the country. The same applies elsewhere.
When an individual falls from the median earnings bracket to the bottom 5% of earners, that amount increases by over $100. Conversely, those who move into the top 5% of earners receive $30 a month less. And parents provide more than just financial support. The researchers found that falling into the bottom income bracket increases the chance that a young person will live with their parents by 4% .
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