A recent study found that nearly two-thirds of parents with kids aged 18-28 rely on financial support from their parents. Additionally, around a quarter of first-time homebuyers said gifts or loans from family or friends were the top reason they were able to afford a down payment.

Financial Support and Its Impact

The traditional formula for getting ahead in America, which includes hard work, education, and career advancement, may no longer be enough due to the ever-growing cost of living. As a result, many Americans are looking to their parents and other family members for support to bridge the gap.

CNN is seeking to speak with people whose ability to buy a home, pay for education, start a business, weather a job loss, or build wealth was influenced by money or assets received from relatives. They are also interested in hearing from people who feel they have fallen behind because they did not receive similar financial support.

Original reporting: El Paso News (HLL/CB) — read the source article.