The Evolving American Dream: Parental Financial Support Matters

WHO:

CNN - Nate Kinzinger, a wealth adviser at Small World Wealth Management, a division of Northwestern Mutual.

CNN - Emily Irwin, a managing director of private wealth planning at Wells Fargo.

CNN - David, a retired physical therapist, age 68.

CNN - Phillip, age 37, David's son.

CNN - Chelsea, age 40, David's daughter.

CNN - Nick, age 36, who works in environmental compliance.

WHAT:

CNN - Nearly half of adults ages 18 to 29 received financial assistance from someone they don’t live with to cover recurring expenses over the past year.

CNN - 49% of adults ages 18 to 29 reported living with their parents, up six percentage points from 2022 and 12 percentage points from 2019.

CNN - David gave $50,000 to both of his children on Christmas Day 2019.

CNN - Phillip used the money to pay off private student loans and for a down payment on a home purchased for $359,000 in July 2020, which was assessed at $553,000 two years later.

CNN - Nationally, the median new home sales price increased 32% to over $430,000 during the same period.

CNN - Nick's parents took out an $85,000 loan to purchase a home for his sister in 2012.

WHERE:

CNN - Nick lives in a small town north of Nashville.

WHEN:

CNN - The survey regarding financial assistance was fielded in October.

CNN - David gave his children money on Christmas Day 2019.

CNN - Phillip purchased his home in July 2020.

WHY:

CNN - Parents who can afford it provide financial assistance to help their adult children meet immediate needs rather than waiting to pass on inheritance.

CNN - David felt that if he couldn’t get by without the extra $100,000, he was doing something wrong.

HOW:

CNN - David gave his children money tucked inside cards alongside a letter and deposit slips.

(UPDATED July 19, 2026 15:13 UTC)

A recent survey revealed that nearly half of adults aged 18 to 29 received financial assistance from someone outside their household to cover recurring expenses over the past year, with 49% of this age group now living with their parents, a notable increase from previous years. David, a retired physical therapist, provided his children with $50,000 each on Christmas Day 2019, which Phillip used to pay off student loans and make a down payment on a home that has significantly appreciated in value since its purchase in July 2020. This trend highlights how parents, like David, are stepping in to help their adult children meet immediate financial needs rather than waiting to pass on their inheritance.