Survey: 58 Percent Of Millennials Say They Receive Financial Support From Their Parents

Isheka N. Harrison
Written by Isheka N. Harrison
Photo via Flickr

Millennials are feeling the burden of economic hardship and their parents are helping them carry it. According to a recent report, 58 percent of millennials ages 25 to 34 depend on financial support from their parents to maintain their current lifestyles.

Essential expenses parents help cover include rent, groceries, phone bills and car notes. Millennials need the parental support due to excessive student loan debt and a more expensive cost of living, reported CNBC.

Even though millennials are often categorized as slackers, the survey found a majority of millennials would like to live independent of their parents’ support. Data showed of the 26 percent of millennials who had to move back home to make ends meet, 54 percent make a contribution to rent or other household expenses.

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One millennial entrepreneur working to help change this trend is Sheena Allen. She’s using her company, CapWay, to guide users on a path to financial health in a culturally relevant way. But it is a tough challenge.

The obstacles millennials face in today’s economy are not the same as that of their parents. Even millennials who have been able to purchase their own homes face immense financial challenges.

Citing high mortgage payments and long repayment terms, millennial homeowners are more stressed out with buyer’s remorse than previous generations, CNBC reported.

Twitter users humorously and sarcastically cautioned Baby Boomers to spare millennials the ‘bootstraps’ lecture.