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Some Millennials still rely on their parents for financial support.

Nov 02 2021

Some Millennials still rely on their parents for financial support. Combined with hefty student loan bills, soaring housing costs, and pandemic-induced financial struggles, a number of Millennials are going to their parents for financial support. Nearly a third of 25-40-year-olds still receive financial support from their parents according to a survey by MagnifyMoney, and 55% of parents with adult children say they provide financial support to their kids—whether it’s paying for their cell phone plan or taking on bigger costs like car insurance. And while some young people have had to rely on their parents for housing in the wake of COVID-19, YPulse’s Life Plans Rewritten trend research found that only 23% of 20-38-year-olds currently live with their parents. Despite leaning on their parents for some financial support, one of 13-39-year-olds’ top financial goals this year is to gain financial stability / live comfortably, and parents are the No. 1 source of financial guidance for Gen Z and Millennials as they work towards becoming financially independent in the aftermath of the pandemic. (CNBC)