6 Ways Parents Support Their Grown Kids Financially

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

Complete financial independence remains elusive for many millennials, even those living on their own, a new survey shows.

Complete financial independence remains elusive for many millennials, even those living on their own, a new survey shows.

Almost half — 47 percent — of millennials have let their parents cover certain expenses at some point since they have been on their own, according to Fidelity Investments’ second biennial Millennial Money Study.

More than 600 adults ages 25 to 70 were polled for the study. About half of those respondents were millennials, with an average age of 30.

Fidelity defines millennials as the generation of people born after 1980, although only millennials between ages 25 and 35 were polled for this survey to ensure respondents were old enough to work full-time.

The study found that parents have provided six forms of financial assistance to millennials living on their own:

  1. Cellphone bill — 21 percent
  2. Groceries — 20 percent
  3. Clothing — 16 percent
  4. Utilities — 14 percent
  5. Entertainment (such as streaming movie and TV services) — 14 percent
  6. Rent/mortgage — 12 percent

Additionally, 1 in 5 of the millennials receiving financial assistance from their parents were receiving help with two of those types of expenses.

Even more striking is the fact that 21 percent of millennials surveyed reported living with their parents. That’s up from 14 percent when Fidelity last conducted this survey in 2014.

The good news is that millennials appear to be thinking ahead financially. Fidelity’s study found that 85 percent of them have started to save money as of this year, up from 77 percent in 2014. Specifically:

  • 60 percent of millennials have started saving for retirement — which puts them not far behind the older Generation X (61 percent) and baby boomer generation (67 percent).
  • 85 percent of millennials have saved up an emergency fund that averages $9,100 — which is more than Generation X ($8,700) or the baby boomer generation ($7,100) have saved.

Kristen Robinson, senior vice president at Fidelity, notes:

“Aside from giving their kids a financial leg up, parents can also take credit for being money role models. In fact, 65 percent of Millennials say their parents have provided good examples of how to build a successful financial future, and the study suggests that’s exactly what this forward-thinking generation is doing.”

What’s your take on the survey findings? Share your thoughts below or on Facebook.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 8 Ways to Get Your FICO Score for Free

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,075 more deals!