Frazer Harrison/Getty Images Millennials are relying on their parents more for money and a place to live.
- More than half of Americans aged 21 to 37 have received financial assistance from a parent, guardian, or family member, according to $4.
- Many are using this money for everyday needs, such as $4 and $4.
- This cohort also leaves the nest later in life - 35% still live at home with their parents.
The latest is in regarding the myriad $4: More than half of Americans (53%) aged 21 to 37 have received financial assistance from a parent, guardian, or family member since turning 21, according to the latest $4.
About 37% receive money monthly, and more than half (59%) receive money a couple times a year. Many are putting this money toward basic needs, both small and significant, like cell phones, groceries and gas, health insurance, and rent.
None of this is quite shocking considering that $4 are looking at pricier health insurance premiums and $4 than their parents did at their age. In 1960, the adjusted-for-inflation median rent was $588; today, the current $4.
And they're balancing all of that on top of other increased expenses, like the $4 and $4.
Relying on their parents for more money is further evidence that $4 born in the 1980s have been struggling to catch up financially ever since the $4. As of 2016, this cohort had wealth levels 34% below where the would most likely have been if the financial crisis hadn't occurred, putting them at risk of becoming a $4 that accumulates less wealth, according to an earlier report by the Federal Reserve Bank of St. Louis.
Yet, despite these struggles and relying on their parents, 9 in 10 Americans are spending money on things they want, but don't need, while 4 in 10 are tapping into their savings, and 1 in 8 are neglecting their retirement. A quarter of them are using credit cards or delaying savings in order to afford experiences, like vacations, according to the $4 report.
Despite feeling like an adult at an early age, 38% don't believe they shouldn't have complete financial independence until age 25 or later. Perhaps this explains why Americans $4 than they used to - more than 35% of millennials still live with their parents.
"This should not necessarily be viewed as a negative thing as long as there are clear fiscal goals in place," Doyle Williams, an executive vice president at Country Financial, said in the press release, adding that using this time to build an emergency fund, save for a down payment, and focus on long-term goals can help millennials build financial independence.