Financial independence is also on the decline. A 2010 survey on parents with children age 23‐28 reports that 41 percent still provide financial support for their adult children; only 52 percent say their children are financially independent. College debt, unemployment, overspending, and consumer debt are cited as popular reasons for financial reliance. Parents also recognize the difference between indicators of financial responsibility and those of true financial literacy; while 48 percent believe that their children are financially responsible, only 23 percent say their kids are knowledgeable about money management (Charles Schwab & Co., Inc., 2010).
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