A poll measured how many Millennials are getting their bills paid by their parents and found that nearly one-fourth got help with paying the rent.
The OnePoll survey conducted on behalf of Chartway Credit Union found that 24% of Millennials said their parents pay their rent.
That’s slightly higher than the 19% of all adults who said their parents pay their rent. Another 19% of all adults said their parents pay for their groceries, while 16% said their parents pay for their utilities.
39% of Millennials said they struggled to find information and other resources to help with their finances, while only 11% of Baby Boomers said the same.
The survey found some regional financial differences as well.
69% of respondents in the Northeast said they earned money by helping their neighbors, but only 43% said the same in the Southeast.
Chartway Credit Union president and CEO Brian T. Schools said the poll showed that adults need more financial education.
“While 85% of respondents see themselves as financially responsible when it comes to things like credit scores or savings, ironically, 50% of them struggle with unnecessary spending or unbudgeted expenses, and 40% struggle to remember to pay bills on time,” Schools said.
“Conflicting data such as this tells us that a lot more adults could benefit from some form of financial education, whether it’s provided in schools, online, or by their financial institutions,” he added.
A previous poll from Pew Research found in September 2020 that a majority of adults between the ages of 18 and 29 years old were living with one or both of their parents. That rate had not been seen since the Great Depression era, but many blamed the surge on the coronavirus pandemic and the lockdown.
Here’s more about the economics of Millennials:
More Millennials, Gen Z living with parentswww.youtube.com
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