Exploring Financial Dependency of Young Adults on Their Parents: An Analysis of Cultural Implications and Socioeconomic Effects

Abstract

This study explores the financial dependency of young adults in Pakistan on their parents, focusing on the psychological, rational, and developmental aspects within the socio-cultural context. It emphasizes the complex interactions among cultural norms, economic constraints, and individual psychological factors that influence financial dependency. A purposive sampling technique was utilized for this qualitative research, which follows an exploratory design. Data was collected from both parents and adult children using open-ended questionnaires and interviews. The data was analyzed using thematic analysis. The findings reveal that prolonged financial dependence can lead to increased stress, depression, and low self-esteem among young adults. Additionally, it places financial and emotional burdens on parents and can lead to conflicts in their relationships. Despite these challenges, parents acknowledge the importance of financial literacy and education for their children to help them achieve financial independence. The study highlights the need for culturally sensitive interventions that promote financial responsibility among young adults while taking into account the unique challenges faced by youth in collectivist societies. Future research should employ longitudinal and context-specific approaches to investigate these dynamics further.