Most Gen Z and Millennials are Financially Dependent on Their Parents
It's not entirely their fault!
According to a new study, more than half of adults 18-34 years old rely on some sort of allowance from their parents.
Gen Zers 18 to 24 are most likely to depend on their parents for financial support. In fact, more than half of this cohort survive thanks to their parents helping to pay for basic household expenses.
According to a Harris Poll commissioned by DailyPay, just one-quarter of Gen Zers can pay all of their bills on time.
Many Gen Zers and millennials have even given up on having their folks send them money, choosing to live with them instead.
They’re living at home with their parents in greater numbers than any generation in recent history.
It’s not just those newest to adulthood who are struggling to afford their basic needs.
Almost 1 in 5 adults aged 30 to 34 have their parents chip in for their household bills.
Overall, only about 45% of 18- to 34-year-olds are completely financially independent from their parents, the Pew survey found.
It’s not necessarily that Gen Z and millennials are spoiled or bad at money. Rather, these generations have amassed more debt chasing their dreams than their parents.
Approximately 40% of adults between 25 and 29 have a college degree today, compared with 24% of the same age group in 1993.
But about 43% of those Zennials — people on the cusps of Gen Z and millennial status — have student debt today, up sharply from 28% in 1993.
Young adults today are also older when accomplishing other common life goals like promotions, marriage and parenthood — and most people recognize the struggle.
