Snowplow parenting has some Americans shoveling into their savings accounts to financially help their adult children.
A recent Pew Research study reports that 3/4 of parents assisted adult children in the last year. USA Journal reports that parents are adopting the “snowplow” approach to clear financial paths for adult children as the adult children face economic hardships.
Approximately half of adults under age 30 are living with their parents, delaying marriage and parenthood. Some researchers are referring to “emerging adulthood” for today’s young adults who are challenged with rising college costs and housing.
Twenty-eight percent of adults ages 18 to 34 received financial help from parents, according to Pew, with household expenses. Less than half of young adults consider themselves financially independent. One third of adults over age 30 still rely on parents for financial support.