Favored sons

Women in their 30s get far less financial support from their parents than men, study finds

(REUTERS/Beawiharta)

Men in their early thirties are much more likely than women to receive financial support from their parents, according to a new report from investment firm Merrill Lynch.

The study found that just under half of women in their early thirties are financially supported by their parents, while 62 percent of men in the same age group got support. Despite the fact that nearly two-thirds of student loan debt is owned by women, women also reported receiving dramatically less support in paying off their loans than men did.

According to the report, men between 18 and 34 years old were roughly twice as likely to receive financial support compared to women of the same age group. This held across categories that included grocery shopping, vacations, rent payments and student loans. Interestingly, young women were also significantly more likely than men to list paying down their debt or saving for the future as their highest financial priority. Similarly, 40 percent of men reported that their highest priority was enjoying life, compared to just 28 percent of women.

But while young people are often criticized for depending on their parents for financial support, 79 percent of young adults who have been forced to move back in with their parents said that they were actually enjoying the experience — as did 87 percent of parents. And nearly all young adults said they were prepared to return the favor for their parents as they aged. According to Merrill Lynch, 89 percent of young adults said they planned to help support their parents financially once they got further into their earning years.

Read the full story at Quartz.

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