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NextGen Magazine

 
 

Despite Working, Near 1 in 4 Millennials Rely on Parental Supplements

By:
Chris Gaetano
Published Date:
Mar 5, 2018
STORY NO.6

Despite holding down jobs of their own, a recent survey has found that 24 percent of those aged 18-34, typically referred to as "millennials," still get financial help from their parents, according to CNBC. The most common expenses paid by their parents were phone bills (53 percent), car insurance (31 percent), car payments (30 percent), utilities (30 percent) and rent or mortgage (27 percent). The survey specifically examined those within this age range who work 35 hours or more, and so does not include unemployed individuals who would likely require a great deal of assistance from both parents and other sources. Further, only a small minority, 20 percent, still live with their parents. 

While this might lead one to fret for the future of kids these days, a Pew study on millennials released in 2010 noted that this is a generation that came of age and entered the work world at the height of a global economic crisis. They were more likely to have lost their jobs during the recession than any other generation, according to the study, and were also more likely to require financial assistance from their parents. The same study noted that 36 percent of millennials said they depend on financial support from their families. Another study, this one from Clark University, conducted in 2013, found that 29 percent of parents provide regular support for their children's living expenses, and 15 percent give unspecified "frequent" support to their children (versus 26 percent who gave little to none, and 30 percent who gave occasional support). With these cases in mind, that 24 percent figure actually looks like an improvement. Rather than looking at it as a sign that a large number of people cannot take care of themselves, perhaps it could be seen instead as indicating that more young people are now capable of taking care of themselves than they were five or eight years ago.