Millennials Want to Support Their Parents Financially, They Just Need Some Help First

It’s not like we view our parents as bottomless bank accounts.

Just to set the record straight, millennials don’t enjoy mooching off their parents. In fact, if they weren’t so debt-ridden, most millennials would prefer it was the other way around.

According to a survey by the Society of Grownups (yes, it’s a real thing), many young people have no choice but to receive financial support from their folks but plan to reverse that support in the near future.

From Bloomberg:

The survey found half of millennials from the age of 21 to 29 receive financial support from relatives …

But that mooching won’t last. Among the same demographic, 41 percent said they expect to provide monetary support to their parents. Widening the polling numbers to include those age 21 to 45, a broad and borderline definition of millennial, 51 percent said they expect to or already provide such aid to their parents. On average, those surveyed said they expect to begin offering financial support within seven years. 

So, no, it isn’t a sense of entitlement or laziness or general lack of giving a shit. Rather, it’s that millennials entered a job market that’s in total disarray and now work tirelessly just to pay off all the debt they incurred while earning a technically-unrelated degree that was still somehow necessary to acquire their low-paying job.

We came of age during a time of mass financial insecurity across the country. It’s not like we view our parents as bottomless bank accounts, but we need some help getting on our feet if we want even a chance at long-term self-sufficiency in this economy.

Once we’ve achieved solid footing, the plan is to return the favor as quickly as we can.

The crucial next step for millennials is proper money management. Without exercising fiscal responsibility, all the support we’ve received will be for not. If millennials really want to make good on their promise, they’ll need to engage in politics (GO VOTE!) and understand exactly what’s happening with their money.


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Cover image: Shutterstock


Posted 08.02.2016 - 12:26 pm EDT

Filed under

Economy Finance News

Written by

Michael Gorman