Working Millennials Still Need Help From Parents
74% of parents say they help their adult kids with expenses and debt.
That’s according to a 2017 study from CreditCards.com.
We’re looking at you, millennials.
It’s a generation of 75 million people.
Now, granted, millennials face financial struggles their parents did not as young adults.
They carry most of the 1.4 trillion dollars in student loan debt and they make less than their parents did when they were in their twenties.
So what are parents paying for?
53% are paying for their kid’s cell phone.
31% are paying for their kid’s car insurance.
30% are paying for their kid’s car note.
30% are paying for their kid’s utilities.
And 27% are paying some of their kid’s rent or mortgage.
Also, some millennials are getting help paying multiple bills.