Millennials Are More Likely To Get Cash From Parents
A new study by USA Today and Bank of America found that millennials rely on their parents more than previous generations.
Millennials are getting way more help from mom and dad.
USA Today and Bank of America teamed up for a new survey on millennials and where they get their money from. If there's one thing that's clear, it's that they're relying on their parents way more than previous generations. (Video via Bank of America)
Millennials, which the survey defined as those between 18 and 34, were three times more likely to receive help from their parents than their parents did from their parents.
And while the majority of millennials who say they still get money from their parents are younger, 20 percent of those who do are married or living with a partner.
As for why parents are helping out their kids, 30 percent of those surveyed said their kids genuinely needed the help while 23 percent simply felt obligated. (Video via Arizona State University)
So what's behind millennials' increased dependence on mom and dad's pocketbook?
One personal finance expert told USA Today that "a lot of today's Millennials are dealing with a lot of financial factors that their parents, and certainly adults in America, did not have to contend with a generation or two ago."
Data from the survey backed that up, with both generations saying millennials have more difficulty getting the money to buy a house, start a family or support their lifestyle and save for retirement.
There seems to be a perception that millennials lack sources for financial advice, leading companies like Vice or Bank of America to create new talk shows or financial education campaigns to better inform them. (Video via Vice)
And maybe millennials are just less shy when it comes to money. A study from last year by Fidelity Investments found 76 percent of the millennials surveyed had no trouble talking to their parents about money, something that one analyst told USA Today is much different than previous generations. (Video via Fidelity Investments)
While kids may be doing well relying on their parents for money, they still need some work on savings. Only 33 percent of those who said they were saving had set up a 401(k) and only 20 percent had other investments.
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