Made of money?

Many Americans nowadays are mooching off mom and dad. More than 1 in 3 U.S. adults say their parents pay at least one of their bills each month, according to a recent survey. Almost one-quarter of millennials polled say their parents cover their rent. The Top 3 expenses still paid by parents are rent, groceries, and utilities.

Despite not managing all their own expenses, 85 percent of respondents considered themselves to be financially responsible.

Chartway Credit Union commissioned the survey, carried out in late December and early January. “Conflicting data such as this tells us that a lot more adults could benefit from some form of financial education, whether it’s provided in schools, online, or by their financial institutions,” Chartway President Brian Schools said in a statement.

The share of young adults who are financially independent from their parents by age 22 has dropped over time, from 32 percent in 1980 to 24 percent in 2018, according to Pew Research Center.

Return of the repo man

The delinquency rate for car loans given to borrowers with poor credit has returned to pre-COVID-19 levels—nearly 6 percent in December 2022. The number of subprime loans rose as borrowers and lenders took more risks amid government stimulus payments and rent moratoriums. But subprime loans still make up just $210 billion of $1.52 trillion in total auto loans and leases, according to Fitch Ratings data. —T.V.

Singing the car insurance blues

Car insurance rates are forecast to increase by 8.4 percent across the United States in 2023, the largest hike in six years. The financial website ValuePenguin reports that Americans spend on average $1,780 each year for full car insurance that includes bodily liability, property damage, uninsured/underinsured motorist, comprehensive, collision, and personal injury protection. Michigan drivers pay the highest rate in the country—more than $4,700 due to high minimum insurance requirements—while drivers in Vermont, Maine, and Idaho spend around 35 percent below the national average. Analysts at ValuePenguin said this year’s expected increase is due to more people returning to the office after COVID-19 lockdowns, rising car repair costs, claims from recent natural disasters, and growing use of electric vehicles. They added that the average cost of car insurance has increased 16.5 percent since 2017. —T.V.