6 Ways Parents Support Their Grown Kids Financially

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

19 Moves That Will Help You Retire Early and in StyleFamily

11 Places in the World Where You Can Afford to Retire in StyleMore

What You Need to Know for 2017 Obamacare EnrollmentFamily

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

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 Reasons Your Parents Had an Easier Retirement Than You Will

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 1,712 more deals!