Here’s how many millennials still get money from their parents

Adults living with their parents was becoming more common in the U.S. even before the coronavirus pandemic upended jobs and finances, sending an influx of adults back to their parents’ homes.

 Nearly 30% of millennials (ages 25 to 40) still receive financial support from their parents. This is even higher among Gen Zers (ages 18 to 24) at 67%, though many within this generation are still in college. Across all age groups, 22% of adults still receive financial support from their parents.

Lined Circle
Lined Circle

Younger generations most likely to receive financial support from their parents

Living with your parents as an adult can be stressful depending on relationships and individual desires, but those benefiting from a rent-free situation should focus on the savings advantage. MagnifyMoney senior content director Ismat Mangla advises those folks to stay diligent with their money while living at home.

1 in 5 consumers turn the tables, provide some financial support for their parents

Gen Zers are most likely (37%) to report helping their parents financially. But given most of this support is in the form of housing costs (15%), it’s logical to imagine this financial assistance is more like rent or utility payments. (If you recall, 27% of Gen Zers say they live at home rent-free.)

Watch your savings grow up

Gaining total financial independence is a major milestone that most consumers will probably have to face at some point.

Never have 44% ever…been supported by their parents as adults

While most adults surveyed are currently financially independent from their parents, most — 56% — report receiving some monetary support at one point after turning 18. Most popularly, 24% of respondents say their parents helped pay for college. Another 22% have lived at home rent-free as an adult.

for detailed information, visit media feed