Empty nesters are struggling to cut the apron strings, according to a new study.
According to Market Watch, young Black adults appear to be more sensitive to the cost of rent, which grew more dramatically for them than it did for their white peers during the study period.
“Another recent study suggests that the challenges young Black adults face repaying their student loans as compared to their white peers fuels the Black-white wealth gap. For young black adults, a 10% increase in average monthly rent was associated with a nearly five percent decrease in the likelihood that they’ll live on their own, according to the study, which was released by researchers at Johns Hopkins University and the University of Connecticut.”
Beyond monetary assistance, one-in-three empty nester says they talk to their kids daily, and many are receptive to the idea that their adult children could return home.
Survey highlights include:
- 66 percent have experienced grief and loneliness associated with “empty nest syndrome”
- 1-in-4 still pay for their children’s cellphones
- 1-in-5 still pay for their kids’ rent and groceries
- 38 percent have had an adult child move back in after moving out (58 percent think their child will do so eventually)
Overall, the majority of empty nesters say they’re able to put away more money since their children moved out, but one in four say retirement savings remains the number one financial stress for them.