The Society of Grownups recently released a survey of the most popular reasons that millennials receive financial help from their parents, revealing that half of the millennials surveyed receive financial support for cell phone service, groceries, and bills, to name a few. This means that 1 in 3 adults are still receiving support from their parents.
However, though this is currently the trend, most millennials expect the roles to flip within the next few years.
41 percent of millennials do expect to provide financial support to their parents eventually.
"What's interesting about these millennials wanting to be able to provide assistance is that they are coming from a place where they have seen financial difficulty,” said Nondini Naqui, CEO of the Society of Grownups.
According to the poll, millennials believe that, on average, they will begin to assist their parents financially within 7 years. 68 percent believe that they handle money better than their parents did at their age.
Naqui believes that young people are willing to help their parents financially now due to the fact that many millennials lived through difficult economic times. They watched their families struggle with finances and may have experienced one or both parents losing jobs. Therefore, they feel confident that they will be able to manage their own finances.
“These are people who are really forging their own way forward, they’re responsible, they take accountability,” Naqui said.
However, millennials have earned the reputation for moving back home after college, in addition to accepting financial help from their parents. The most common items for which millennials accept financial help include: cell phone service, food, groceries, utility bills, insurance, vacations, rent, clothing, and student loan debt.
With millennials currently receiving this much financial support from families, the idea of millennials repaying their parents within the next 7 years is a nice sentiment, but it does not look promising.