March 22, 2010

Send More Money, Mom

36%

More than a third of all Millennials (36%) depend on their parents or other family members for financial assistance.

More than a third of all Millennials (36%) depend on their parents or other family members for financial assistance. Predictably, Millennials ages 18 to 24 — a group that includes a disproportionately large share of full-time students — are far more likely to get help from families than are older Millennials (50% vs. 16%). Nearly four-in-ten whites (38%), 33% of blacks and 28% of Hispanics say they rely on money from family members to get by. Not surprisingly, Millennials who are attending school and are not employed are the most likely to be receiving financial support (77%). Still, about one-in-seven Millennials with a full-time job — and about half who work part time — say they depend on family members to help them get by. About a third of Millennials who don’t have a job and are not in school get significant help from their parents or other family members. Read More