Nearly Half of Millennials Turn to Parents for Financial Support
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.