A new USA TODAY/Bank of America Better Money Habits survey found that 40 percent of millennials admit to still receiving money from their mom and dad, as reported in RTT News.
It's mostly younger millennials hitting mom and dad up for cash, those who are between 18 and 25 years old. But 22 percent of 26- to 34-year-olds say they receive financial assistance from their parents. Also, 20 percent of millennials married or living with a partner still get help from their 'rents.
This trend is certainly new, as millennials are three times more likely to get assistance from their parents than their parents were at the same age. But mom and dad don't seem too mad about it. Thirty percent say they help their adult children because they really need it, while 23 percent felt like it was their duty as a parent to help their offspring.
So what's to stop the tide of parents from helping their millennials during their early adult years? Surely not the rising housing costs and tough job market for entry-level positions.
Mom and Dad should probably wait before redoing their kids' room into that office once college comes. Junior may be moving home in four years!