Today's news bolsters the growing evidence that women are increasingly
more financially independent, finding that they're 32 percent less
likely than men to need their parents' financial support. The survey was
conducted by Harris Poll in May 2014 among 2,046 U.S. adults ages 18 and
older and commissioned by Yodlee
Interactive, whose APIs power financial innovation outside of banks.
With Father's Day approaching, this report highlights another reason
dads can be thankful they have a daughter.
To share the infographic,
click here: http://www.pinterest.com/pin/90142430016642029/
Summary of key statistics:
The joys of having a son get better with age. Here are some deeper dive
results on how middle-aged sons (ages 35-44), who have living
parents/in-laws, in particular stack up to their female counterparts of
the same age range:
"Many people think that once you become an adult, you become financially
self-sufficient," said Joe Polverari, General Manager of Yodlee
Interactive. "This survey shows that this isn't always the case, as
dependence on parents' financial help varies greatly among American
adults. These results stress the need for more communication an
education around financial independence, because ultimately if this
learning doesn't start at home, it may result in a child never leaving
Daughters Are More Financially Self-Sufficient
Daughters are more financially stable than sons. Only a quarter (25
percent) of the women surveyed live with their parents/in-laws, compared
to almost a third (32 percent) of adult males.
Surprisingly, this differentiation is magnified for adults between the
ages of 35-44. Within this range, women are half as likely to need any
sort of financial support from their parents/in-laws, and even less
likely to need them to house them as compared to men. And even further
distinguishing these gender groupings, those daughters living with their
parents are more likely doing so to take care of them, whereas sons need
the financial support because they're unemployed or underemployed.
Daughters Will Provide More Emotional Support
It doesn't stop there. Fathers and mothers can take comfort knowing that
their daughters are more likely to provide them with emotional support
as they get older. The survey found that, out of applicable respondent,
sons are almost twice (20 percent) as likely as daughters (12 percent)
to say they don't plan on providing their parents/in-laws emotional
support in the form of calling or visiting them.
Other findings explained:
Financial Dependence Geographically
Adults (ages 18 or older) living in the South are more likely to be
living at home with their parents than any other region. Over a third
(34 percent) of all adults living in the South with living
parents/in-laws still live with them, compared to 30 percent on the West
Coast, 24 percent in the Northeast, and 23 percent in the Midwest.
In-Laws Are Out of Luck
Regardless of gender, in-laws should not expect to be treated equally as
birth parents in terms of any type of support. The survey found adults
are half as likely to support their parents-in-law, both financially and
emotionally, as they are to support their own parents.
Americans' attitudes, among respondents with parents/in-laws, around
supporting parents versus in-laws are shown below:
This survey was conducted online within the United States by Harris Poll
on behalf of Yodlee from May 8-12, 2014 among 2,046 adults ages 18 and
older. This online survey is not based on a probability sample and
therefore no estimate of theoretical sampling error can be calculated.
For complete survey methodology, including weighting variables, please
About Harris Interactive
Harris Interactive is one of the world's leading market research firms,
leveraging research, technology, and business acumen to transform
relevant insight into actionable foresight. Known widely for the Harris
Poll® and for pioneering innovative research methodologies, Harris
offers proprietary solutions in the areas of market and customer
insight, corporate brand and reputation strategy, and marketing,
advertising, public relations and communications research. Harris
possesses expertise in a wide range of industries including health care,
technology, public affairs, energy, telecommunications, financial
services, insurance, media, retail, restaurant, and consumer package
goods. Additionally, Harris has a portfolio of multi-client offerings
that complement our custom solutions while maximizing our client's
research investment. Serving clients in more than 196 countries and
territories through our North American and European offices, Harris
specializes in delivering research solutions that help us -- and our
clients -- stay ahead of what's next. For more information, please visit http://www.harrisinteractive.com.
About Yodlee Interactive
Yodlee is a leading technology and applications platform powering
dynamic, cloud-based innovation for digital financial services. Yodlee
Interactive makes the Yodlee Platform available to digital services
companies and developers via open and secure data APIs, to build
next-generation financial apps and services. Today more than 300
companies, large and small, are powered by Yodlee Interactive APIs,
accelerating FinDat innovation globally.
Yodlee and Yodlee Interactive are headquartered in Redwood City,
California. For more information, visit interactive.yodlee.com.
[ Back To NFVZone's Homepage ]