hairylunch (hairylunch) wrote,

It's a good thing I still have 10 years . . .

So, this article from the Michigan Daily reviews a study out of the University of Michigan that found that parents are now supporting their kids financially till age 34, and the amount of aid has gone up 13% since the 1970s. They found that the average parent spends $35,000 on a child between the ages of 18 and 34. For families in the top one-fourth of the income bracket, the figure is $70,000 for those years.

I wonder how much my parents have invested in me since I turned 18. The biggest item is of course my car. I have no idea how much my parents paid for my vehicle, but a 2003 Civic EX is about $18k. Add in insurance (both auto and health) over the last 6 years, and we're easily at $25k I'd guess. They give me some money when I started my AmeriCorps*VISTA year, and they've done the standard parent thing of giving me money when they see me, letting me live at home for a few months, and buying miscellaneous odds and ends since then, so I would estimate the total at $30,000 since I turned 18. Wow, that's a lot of money. I would guess for most people, tuition and school related expenses are where most of the aid comes in (for those who go to college) and during the transition from school to work. Looks like my parents are on pace to hit $70,000 by the time I turn 34, since the study did find that aid trickled off as one got older . . .

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