Republicans think kids should become financially independent sooner in life
Politics and money go hand in hand.
Republicans tend to think people should be financially independent sooner than Democrats do, according to a survey of more than 1,000 people released Wednesday from financial site Bankrate.com. When asked what age they think someone should start paying their own cell phone bill without financial help from their parents, 20% of Republicans said this should happen before someone turns 18. Meanwhile, just 11% of Democrats said the same.
This trend applies to car payments and housing as well. More than one in 10 (13%) of Republicans think you should be able to pay for a car without your parents help before your 18th birthday, compared to just 4% of Democrats. And while just 1% of Democrats and Republicans expect people to pay for their housing themselves before 18, once they hit 18 it’s a different story: 17% of Republicans think that people should be able to pay for their housing without parental help at ages 18 or 19, while just 10% of Democrats feel the same.
“Politically, it’s hard to say why certain groups have different expectations,” Bankrate’s financial expert Sarah Berger tells Moneyish. “One theory is that Democrats tend to populate more expensive cities like New York and LA, where the bills are a bigger burden.”
It should be noted that Bankrate’s survey asked people what age they think you “should” become financially independent — not when they actually did become financially independent. That reality, at least for younger people, is not likely to look so rosy for people on either side of the political fence. One survey found that 57% of parents provided some kind of financial support to their adult children ages 18-39. And one in three millennials — roughly 24 million people — lived with their parents in 2015, according to the Census Bureau.
And no matter what your political views, for many teens there’s no way they could ever pay bills. The reason? Today’s teens are far less likely to work than teens in previous generations. Indeed, even in the summer — when teens are most likely to have jobs — only about one in three teens ages 16-19 worked in 2014. Twenty years ago, that number was more than half. Among the reasons for this: many teens say they don’t want a job, others do things like summer school, volunteering and extracurrucilars rather than take a paying job.
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