Financial Support Between Parents and Adult Children: A Report

This report, based on a study of 234 adults, explores the dynamics of financial support within families, specifically focusing on the relationship between parents and their adult children. The research investigates whether parents or adult children are perceived as more responsible for providing financial assistance during times of difficulty, and examines the correlation between age and the willingness to provide financial support. The study, conducted using an online survey, found no significant difference in the perceived responsibility for financial support between parents and children. However, a positive correlation was observed between age and the agreement that children should support parents financially. The report discusses these findings in relation to prior research, highlighting the influence of factors such as age, cultural background, and the child's health and performance. The study acknowledges limitations, including the sample size and cultural specificity, and suggests future research directions that should consider a broader range of factors and a larger, more diverse participant pool. The implications of the findings suggest that while financial support from parents is common, the responsibility can shift over time, and that cultural and socioeconomic factors play a major role in the overall support given by parents to their children.

Psychology
STUDENT DETAILS

INTRODUCTION
Parents and their child develop a bond from the day of fertilization, and that bond could be
the strongest bond in the world. When a child is born, parents start to help them in various
ways. The theory of Contingency in sociology and theory of altruism in economics explain
that people offer greater support to family members when the in problems (Fingerman,
Miller, Birditt & Zarit, 2009). People define “family” in differently. According Millward’s
(2013) view, “family” is not only mother, father and siblings. It includes a wide range of
relatives by blood, legally or non-legally, whether they live in the same house or separately,
interconnected by obligations, experiences and interchangers. In the same way, Daatland
(2011) described, family members as having a responsibility to ensure the well-being of each
other, for example, financial support, practical support and socio-emotional support.
However, this is not always the case. Millward (2013) states that family members support
their children in different ways: full or portion income support, financial advice, loans and
gifts of money (to start their own business) and inheritance. On the other side, he explained
that family members are not always able to fill primary financial gaps, but they could assist
with second financial assistance such as being a source of employment and supply
accommodation for unemployed youths. Parents tend to assist adult children depending on
the situation or specific period of life, for instance, high education purposes, divorce or
illness and high achievers because parents reflect their grown-children’s successes as their
successes and parents will get assistance back from high achieved children (Fingerman et al.,
2013; Johnson, 2013) and according to Bowlby’s attachment theory Parents are not keen to
see their adult-children suffering (Fingerman et al., 2013). The National Survey of Family
and Household (NSFH) (1988), (as cited in Lye, 1996) found that the American adults and
their parents exchange support continuously. The survey showed 17 percent of parents
transferred money to their adult children. The NSFH data illustrated, 50 percent of parents

agreed or strongly agreed to helping their children financially. Vassallo et al., (2009),
surveyed 968 Australian parents, and found that more than 66 percent parent has been
transferred money to their children in the previous year and half of the participant believed
that helping financially their adult children is aspect of their parenting role. Studies showed
there are factors could affect to parent’s financial support. For example, Millward (2013)
states that factors could divide in to three categories –condition of the need, closeness of the
relationship and family structure. Further, he explains structural factors contain size of the
family, formation of the family and number of family members. Relationship factors consist
of attachment of the generation and type of genealogical. Type of needs include the financial,
cultural and economic resources in family. Cooney and Uhlenberg (1992) consider two
factors that may influence for parent’s support: age and attitude toward adult children and the
parent’s relationship. Children age and gender affection to parent’s financial support are
reviewed below.
Children’s age
Young offspring receive more support from their parents than offspring who are in middle
ages and later life children receive lessor no financial support from parents (Fingerman et al.,
2013). Cooney and Unlenberg (1992) also state the same argument about age gaps and
parents support; it does not change or increase when child is early 20s, but they reduce all
assistance including financial support, when child is late 30s. In addition, there is a negative
correlation between children’s age and receiving financial support (siennick, 2011).
However, that correlation could be change according to children’s needs. Such as; high
education or unemployment problem. Johnson (2013) focuses that the transition period of
childhood to adulthood important. In that period parents financially support their children in
several ways. Such as; paying rent, paying school fees and money as gift because parents
suggest that their assistance, reduce early school dropout and financial distress and increase

children’s future living well-being and socioeconomic (Drake et al., 2017; Johnson, 2013).
Gender
Many studies recognized adult children’s and parents’ gender also affect for parent’s support.
It has found female and male do financial exchangers with their children in deferent degrees.
For example, the U.S mother more favor to help their children’s than father (Fingerman,
Miller, Birditt & Zarit, 2009; Drake et al., 2017). However, opposite outcome also initiated in
varies researches. Female (71 per cent) less favour to agree to assist financially their adult-
children than males (76 per cent) (Millward, 2013; Fingerman, Miller, Birditt & Zarit, 2009;
Daatlandf, Herlofson & Lima, 2011). Normally, female earn less amount of money than their
husband or some women are unemployed. It could be a reason that women oppose assist with
money to adult children (Drake et al., 2017). Moreover, few researches have considered adult
children’s gender may influence for parent’s financial help. Daughter receive more assistance
that son (Lye, 1996; Millward, 2013). On the contrary, the reason of daughters gets more
financial assistant because of their marital situations, daughter have more percentage to be a
solo mum. (Drake et al., 2017).
Children’s financial support toward parents
Adult children also tend to financially support their parents when difficulties occur. Adult
children who had support from parents in their transitional period are more likely to assist
their parents financially when they in needs (Johnson, 2013; Fingerman et al., 2009).
Moreover, Figerman et al., (2009) explain Successful adult children provide financial help to
their parents. However, according to the NSFH, 55 per cent adult children are not supportive
to their parents any ways. The data shows only 4 per cent of adult children assist with money
to their parents (Lye, 1996). Hogan and Eggebeen (1995) argued, older American (age 45 to
59) sometime receive offspring’s financial support. However, most of the adult children do

not imply of everyday or occasional support financially to their parents (Cooney &
Uhlenberg, 1992).
Children’s gender and Age also affect to attitude toward support to the parents. Mother and
daughter relationship closer and stronger than mother and son’s relationship (Lye, 1996).
Thus, Daughters are closer to their family than sons and they help their parents financially
than sons (Millward, 2013; Cooney & Uhlenberg, 1992). In US, 1200 people, aged 40 and
older, have interviewed about how they concern of family support and found there is a
negative correlation among age and attitude toward financial support to parents. Further,
Middle age offspring who are in age 40-60, more expected to assist their parents and their
own full dependent or semi dependent children (Millward, 2013). There are not many
arguments and researches about children’s norms about supporting parent’s financially.
The purpose of the research was to explore two research questions. Research question 1. Who
should be more supportive when experiencing financial difficulties: parents supporting adult-
children or adult-children supporting parents? And Research question 2. Is there a correlation
between age and financial support?
These research questions 1 constructed according to two research articles; Millward, (2013)
and Daatland et al., (2011). In those researches, many participants agreed, parent should
support offspring and it is as their responsibility. We also consider that parents should
support their children financially when they want it. Research question 2 constructed
according to Millward (2013) and siennick(2011) researches, they founded that there is a
correlation between age and attitude toward financial support. Which is when age increase,
obligation of financial support to family decrease.

Method
Participants were students enrolled in PSY2231 Developmental Psychology, along with
friends and family recruited by the students. In total, the sample consisted of 234 adults, of
whom 177 identified as women, 55 identified as men and 2 identified as other. They were
aged between 18 and 70 years (M= 38.59, SD = 14.99). Participants completed an online
survey that asked them to rate on a five-point scale their level of agreement (1 = strongly
agree; 5 = strongly disagree) with two statements: “Parents ought to provide
financial support for their adult children when their children are having financial difficulties”
and “Adult children ought to provide financial support for their parents when their parents are
having financial difficulties” that were adapted from Daatland et al. (2011). Participants were
also asked for their age and gender.
Results
A paired-samples t-test was conducted and revealed that on average there was no significant
difference between participants’ agreement with the statement that parents ought to support
children financially (M= 2.23, SD = 0.81) than that children ought to support parents
financially (M = 2.29, SD = 1.02), t(234) = -0.836, p = .40.
Pearson correlations were conducted to examine the relationship between age of participant
and responses to the two questions about financial support in families. There was a
significant positive relationship between age and agreement that children should support
parents financially, r (227) = .190, p = .004, but not between age and agreement that parents
should support children financially, r (227) = -.106, p = .110. Increases in age were
associated with decreased agreement that children should support parents financially, but not
that parents should support children financially.

Discussion
Relationship between expectations and finding discussed
It has been expected that the financial support which parents provides to their children is
based on the age factor, inability to earn of their children, social factor, etc. However, after
completing the finding section it can be concluded that the parents provide more financial
help to their kids when they are very young. Here, the age factor majorly operates because
children also starts earning after the certain age which reduces the financial dependency from
parents. However, every culture has its sperate rules and code of conduct. After concluding
the findings, it is concluded that cultural, financial, social and economic factors play a major
role in overall support given by parents to their children.
Relationship between findings and prior research
Prior studies have identified that age is a significant factor which influence the process of
financial support between parents and their adolescents. However, after concluding
appropriate results it can be concluded that not only age factor interface in this but other
factors like cultural factor, health condition of the adolescents, social factor and the
performance of the children. The relationship between findings and prior research supports
that all these factors are significant elements which decides for how much time parents will
provide financial support to their children.
Interpretation of findings and their implications
The implications of findings are providing financial support to the children is not bad thing
but parents need to be clear then until how much time they will provide financial support to
their children. After the particular age, this process changes to vice-versa as youngsters need
to take the responsibility of their parents for their monetarily and physically prosperity.

Flaws and limitations
Initially, limitation of this research is that it is just founded on the gathering of 234 grown-
ups in which 55 were ladies, 177 were men and 2 recognized as others. Right now, the
examination gathering comprise of just 234 individuals however on the off chance that we
direct this exploration by including large number of grown-ups, at that point might be
conceivable that we will have various outcomes then at this point. Besides, the study is led on
the Australian culture and on the off chance that we look from the Asian culture forthcoming,
at that point results can likewise differ.
Future directions
In future, for leading the research it has been proposed that examination ought to incorporate
all the factor like statistic factor, social factor, age factor, wellbeing state of a kids and the
monetary foundation of the parent. Aside from this, the example size of the group of
spectators ought to be huge as opposed to leading exploration on little example size. A large
number of participants will draw out a more detailed examination. In future, the researcher
should focus more on cultural factors while conducting a similar study to remove relevant
gaps.
Implication
While doing this research few limitations were identified. First issue is reliability of data
collection method.