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Few Adults Financially Support Their Parents
Sept. 6, 2005 - A small percentage of adult
Americans (four percent) contribute to their parents' financial support
and another four percent say they contribute financial support and
assist their parents with financial planning. Those who do contribute
say it does impact their personal finances. About half (53 percent) do
not assist their parents with financial planning or contribute to their
financial support.
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Of these adults overall who contribute financial
support, a majority (70%) says that this support does impact their
personal finances. Specifically, 59% say it impacts their personal
finances but they can still get by, and 11% say it is a major burden on
their personal finances, according to the new Wall Street Journal
Online/Harris Interactive Personal Finance Poll.
These are some of the results of the online survey
of 2,717 U.S. adults conducted between July 28 and Aug. 1, 2005, for The
Wall Street Journal Online's Personal Journal Edition.
Americans contributing to their parent's financial
support do so in different ways. While majorities say they contribute
toward their parents' general expenses such as transportation, clothing,
food, etc. (65%), or housing expenses (52%), fewer (but not
insignificant numbers) contribute toward such expenses as health care
(27%), recreation or travel (19%), and assisted living or a nursing home
(13%). Fifteen percent (15%) say they provide financial support for
other expenses.
"This information is especially relevant in light
of our country's aging population," said Anne Aldrich, senior vice
president of the Financial Services Research Practice at Harris
Interactiveฎ. "Boomers are financially impacted from all sides as they
are saving for their own retirement, their children are moving through
college years, and some are even pitching in to help their parents."
Table 1 - Assistance With Financial Planning Or
Support
"Do you currently assist your parents(s) (either
your parent(s) or parent(s) of your spouse/partner) with their financial
planning and/or contribute to their financial support?"
Base: All
Adults
|
|
Total % |
|
Contributes Financial
Support (NET) |
8 |
|
I contribute to my
parent(s)' financial support, but not necessarily the
planning |
4 |
|
I assist with my
parent(s)' financial planning and contribute to their
financial suppor |
4 |
|
I assist with my
parent(s)' financial planning, but not their support |
7 |
|
I do not assist my
parent(s) with their financial planning or contribute to
their financial support |
53 |
|
Not applicable |
28 |
|
Decline to answer |
4 |
Table 2 - Characterization Of Support
"How would you characterize the support you
provide?"
Base:
Contributes to parent(s)' financial support
|
|
% |
|
Impacts Personal
Finances (NET) |
70 |
|
It impacts my personal
finances but I can still get by |
59 |
|
It is a major burden on
my personal finances |
11 |
|
It does not impact my
personal finances |
30 |
Table 3 - Uses Of Financial Support
"What is the financial support you provide to
your parents used for?"
Base:
Contributes to parent(s)' financial support
|
|
% |
|
General (e.g.,
transportation, clothing, food, etc.) |
65 |
|
Housing (e.g., mortgage
payments, rent, utilities, etc.) |
52 |
|
Health care |
27 |
|
Recreation, travel |
19 |
|
Assisted living/nursing
home |
13 |
|
Other |
15 |
|
Decline to respond |
2 |
Downloadable PDFs of The Wall
Street Journal Online/Harris Interactive Personal Finance Polls are
posted at
http://www.harrisinteractive.com/news/newsletters_wsjfinance.asp.
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Methodology
Harris Interactive conducted this online survey
within the United States between July 28 and Aug. 1, 2005 among a
national cross section of 2,717 adults, ages 18 years and over. Figures
for age, gender, race/ethnicity, education, income and region were
weighted where necessary to align with population proportions.
Propensity score weighting was also used to adjust for respondents'
propensity to be online.
In theory, with probability samples of this size,
one can say with 95% certainty that the overall results have a sampling
error of plus or minus 3 percentage points of what they would be if the
entire U.S. adult population had been polled with complete accuracy.
Sampling error for the sub-sample results of adults who contribute to
their parents' financial support (183) is plus or minus 11 percentage
points. Unfortunately, there are several other possible sources of error
in polls or surveys that are probably more serious than theoretical
calculations of sampling error. This includes refusals to be interviewed
(nonresponse), question wording and question order, and weighting. It is
impossible to quantify the errors that may result from these factors.
This online sample is not a probability sample.
These statements conform to the principles of
disclosure of the National Council on Public Polls.
About the Survey
The Wall Street Journal Online/Harris Interactive
Personal Finance Poll is an exclusive poll that is published in the
Personal Journal Edition of The Wall Street Journal Online at
www.wsj.com/personaljournal.
About The Wall Street Journal Online
The Wall Street Journal Online at WSJ.com,
published by Dow Jones & Company (NYSE: DJ;
www.dowjones.com), is the largest paid subscription news site on the
Web. Launched in 1996, the Online Journal continues to attract quality
subscribers that are at the top of their industries, with 744,000
subscribers world-wide as of Q2, 2005.
The Online Journal provides in-depth business news
and financial information 24 hours a day, seven days a week, with
insight and analysis, including breaking business and technology news
and analysis from around the world. It draws on the Dow Jones network of
nearly 1,800 business and financial news staff-the largest network of
business and financial journalists in the world. The Online Journal also
features exclusive content, including interactive graphics on business
and world news, and online-only columns about the automotive industry,
technology, personal finance and more.
The Online Journal offers two industry-specific
editions: the award- winning Health Industry Edition and the Media &
Marketing Edition.
The Health Industry Edition offers authoritative
analysis, breaking news and commentary from top industry journalists.
The Media & Marketing Edition is designed for professionals in the
advertising, marketing, entertainment and media industries. Subscribers
to both online editions also get access to the full content of the
Online Journal.
In 2005, the Online Journal was awarded a Codie
Award for Best Online News Service for the second consecutive year, and
its Health Industry Edition was awarded Best Online Science or
Technology Service for the third consecutive year. In 2004, the Online
Journal received an EPpy Award for Best Internet Business Service over 1
million monthly visitors.
The Wall Street Journal Online network includes
CareerJournal.com, OpinionJournal.com, StartupJournal.com,
RealEstateJournal.com and CollegeJournal.com.
About Harris Interactive
Harris Interactive Inc. (www.harrisinteractive.com),
the 13th largest market research firm in the world, is a Rochester,
NY-based global research company that blends premier strategic
consulting with innovative and efficient methods of investigation,
analysis and application. Known for The Harris Pollฎ and for pioneering
Internet-based research methods, Harris Interactive conducts proprietary
and public research to help its clients achieve clear, material and
enduring results.
Harris Interactive combines its intellectual
capital, databases and technology to advance market leadership through
its U.S. offices and wholly owned subsidiaries, HI Europe in London (www.hieurope.com),
Novatris in Paris (www.novatris.com),
and through an independent global network of affiliate market research
companies. EOE M/F/D/V.
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