For generations, the formula for getting ahead in America seemed straightforward: Go to college, work hard, save your money, buy a home and climb the economic ladder.
Today, that formula increasingly depends on something many Americans can’t control: whether their family has the financial means to help along the way. Without that support, many Americans face mounting debt and an increasingly difficult – if not impossible – path to homeownership and wealth accumulation.
The dependence is especially pronounced among young adults, who are entering an economy that has become less forgiving. Breaking into the job market is tougher than it was just a few years ago; everyday expenses are eating up a larger share of paychecks; student loan debt continues to weigh on borrowers; and would-be homeowners are being pushed to the sidelines as high prices collide with stubborn mortgage rates.
That reality is reshaping the role of family support. Nearly half of adults ages 18 to 29 received assistance from someone they don’t live with to cover recurring expenses over the past year — such as housing, transportation and medical bills — according to the Federal Reserve’s latest Survey of Household Economics and Decisionmaking.
