The trend line in the U.S. is in one direction: Most of those of us who can afford it, like to help our grown kids financially--even as society takes a dim view of it. It's the same in Australia, where the name for financial help flowing from parents to grown kids is Sponge Society. But there's a very different attitude in South Korea. Here are findings from surveys in those countries that inform my point.
In Australia, a recent survey found that 86 per cent of the parents of grown children provide financial help to their adult children. Loans and cash head the list, but rent, credit card bills, vacations, major appliances and down payments on a house are also part of the assistance roster.
Meanwhile, 40 percent of the adult children surveyed admitted to receiving financial support from their parents. One in five of them said they were embarrassed to be getting help from mom and dad.