Allowance forever? Some millennials still taking money from parents
Millennials get a bad rep sometimes, often being told they are difficult to manage and even entitled. Now, a new guilt-ridden study says nearly half of millennials still get monthly money from their parents.
Also known as Generation Y, millennials are typically defined as people born between the years of 1981 and 1996 and are poised to become the largest living generation in America.
The survey, conducted by Money Under 30, asked 1,000 millennials about their financial independence. About 46 percent of millennials admitted their parents help them with basic costs like their cell phone bill, their groceries, and their rent.
The study says millennials are struggling with this due to a variety of factors, including their lower salaries, a high cost of living, the need to save for the future and trying to pay down their monstrous student loan debt. In fact, 80 percent of those surveyed said they anticipate achieving their material goals much later than their parents did.
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About 13 percent of millennials admitted in the survey that they don't have any savings at all, while 60 percent said they have less than $5,000 put away in savings.