Charles Schwab’s 2010 Families and Money Survey
Written on May 26, 2010 – 1:55 am | by admin
Charles Schwab’s 2010 Families & Money Survey was released in April. This year’s survey explored the relationship “sandwich generation” parents have with their young adult children, and it found the road to financial independence is longer than ever for 20-somethings. A few highlights:
- 41% of “sandwich generation” parents continue to provide financial support to their adult children (ages 23-28).
- Parents whose children regularly did more household chores growing up were more likely to view their young adult children as “very financially responsible” compared to those whose children did fewer chores.
- 69% of parents express a strong preference for their kids to choose a profession they love even if it means they’ll have difficulty paying the bills, over choosing a profession they don’t love but that pays them well (31%).
- Saving for retirement and helping their children financially are near-equivalent priorities for these parents.
You may find the full survey here.