Millennials are getting by with a little help from their parents. According to the Institute for Social Research Transition into Adulthood study, 40% of 22-24-year-olds are getting “significant assistance” from their parents at an average amount per year of $3,000. The extra help is mostly going towards housing and start-up capital, a response to the rising cost of living coupled with stagnated wages. Those in the arts and design field were most likely to be getting parental support at 53%, followed by STEM at 47%. (The New York Times, CNBC)
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