Nearly Half of Millennials Turn to Parents for Financial Support

Nearly Half of Millennials Turn to Parents for Financial Support

July 18, 2019         Written By Lynn Oldshue

Many Millennials entered adulthood during the wake of The Recession, creating a less-than-ideal financial footing. Combine this with a high cost of living and rising education expenses, and it’s no surprise that this generation has struggled with money.

According to the Millennial Financial Independence Survey, 79% of Millennials believe they will not be able to achieve material goals as early as their parents did. When asked what their biggest obstacle was for financial growth, 39% of respondents said low salary and 24% blamed student debt.

Nearly half (48%) of Millennials said their parents were their primary source of financial help. On a monthly basis, 17% said their parents helped with their cell phone bill, and nearly 10% helped with groceries.

Respondents said they would be able to save more money if they gave up on eating out (30%), buying alcohol (22%) and shopping (20%). Nevertheless, 43% said they save up to 10% of their paychecks every month. However, 23% said they do not save any money at all.

A survey from Primerica earlier this year revealed that 69% of Millennials do not feel comfortable making major financial decisions on their own. Over half (52%) said they could confidently open a savings account online, but only 28% said they could buy insurance online without assistance.

The information contained within this article was accurate as of July 18, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus