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.


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About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
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