Now, unlike in the past, young adults heavily rely on their parents. According to studies by the Society of Grownups, 25 % of millennials rely upon their parents for financial help, and 67 percent agree that it is okay to move back in with their parents. However, before we start to castigate this “generation easy” it is essential for us to understand the times.
Systems have fractured. Economies are radically changing, and job markets are ever unpredictable. Profitable career opportunities are limited. The New York Comptroller Stringer Report of 2016 revealed that millennials now earn 20 percent less than the previous generation. Low wage industries and frequent financial setbacks are their regular cup of tea,
However, despite the bleak career and financial stability horizons, young adults today have high college attendance rates. Close to 72 percent of all young adults aged 23 to 29 have some college education. So where do the rains start beating, and can that be rectified? A recent study published in the Journal of Youth and Adolescence opens our eyes to pertinent issues surrounding career success for millennials today.
The study by Anna Manzoni, associate professor of psychology at North Carolina State University shows that youngsters who get financial support from their parents have increased chances of professional success. Financial assistance inspires higher education success and movement into productive careers.
This is a sharp turnaround from the old belief that parental support hinders the development of adult children. That idea could have worked for generation X and baby boomers, but not in the present-day world. Young adults that have the best careers have one thing in common; they are still close to their parents. They always get material support and advice from their parents. The same is true for college success and degree attainment.
Change is needed. Not among young adults (they are doing the best they can in the world they live in) but among their parents. Parenthood is not an occupation to retire from when children reach 18. The current generation demands more extended periods of parental (financial and practical) support. That includes paying for college education and helping them settle down and get their first job. That is how young adults can get a better focus and ability to maneuver these challenging times to attain career success.
Inequality starts when families become unable to support their children as they enter adulthood. Needless to emphasize, youngsters whose parents can afford to help them into their adulthood get a firm grounding in their education and occupation. Somehow, they make the best career choices. They do well in college and go on to become honchos in corporate and self-employment.
Inequality is a vicious cycle. It is us to break it first by bursting stereotypes. Until they are stable on the path of career success, young adults are still children needing advice, emotional support and most important material support.
When young adults receive financial support from their parents, it leads to closeness. This shades some light on the aloofness towards parents witnessed among many millennials today. Then, of course, the more aloof they are the fewer changes of career success they have. The best career path is one in which child and parents walk together, from college to graduation to the first job and subsequent promotions.
Parental guidance through the career journey is essential for building lasting relationships between parents and their children. Increased parental support helps the youngsters know that their parents are there for them during their journey to independence and career success. This revelation could well be the answer as to why many parents and children become estranged once the children hit adulthood. It is due to the dwindling parental support.
Providing young adults with material support does not make them lazy. It does not damage the parent-child relationship either; On the contrary, it is motivating and inspiring, giving the children a more precise focus in their career paths.
However, beware, parental support does not mean that they have to move in and live with you. Here is why; adult children who receive indirect support in the form of living with their parents have bleak career outlooks. It is self-explanatory; if they do not have to worry about paying rent, and all the rest of the bills, what reason will they have to strive for career growth?