‘Bank of Mom and Dad’ Isn’t Always an Option for Black Young Adults

By Bria Overs | Word In Black (WIB) – Parents want the best for their children — to see them thrive, graduate college, get a good job, and start a family of their own. Young adults turn to their parents for advice and, on occasion, financial assistance to achieve these key milestones of adulthood. Texas resident Kayla G., 28, is one of those young people. She used a full-ride scholarship to get through college, but her parents provided support — filling out her FAFSA and paying for groceries —& while she completed her undergraduate degree. After graduation, she moved home rent-free, got a marketing job, earned a master’s degree, and paid off her car.& While rent is not something she worries about, she does cover other expenses, including her phone bill, car insurance, and health insurance. “They definitely don’t just pay for everything, and I’m not living a complete ‘princess life’ over here,” she tells Word In Black. “But it is helpful. For all of my 20s, I’ve been able to save.” According to the Pew Research Center, 23% of young adults in America say they& are mostly financially independent, while 45% say they& are completely independent from their parents....