A new survey of millennials working full-time jobs (greater than or equal to 35 hours a week) found that a significant percentage of them still rely on mom and dad to help pay some of their bills.
According to a recent analysis by Instamotor.com, 24 percent of individuals aged 18 to 30 with full-time jobs still receive financial assistance from their parents when it comes to paying the bills.
Approximately 80 percent of the individuals surveyed who were still receiving help paying bills were no longer living in their parents’ house, and instead had places of their own. However, 30 percent of millennials still receiving help reported relying on their parents to pay at least part of their utility bills for their housing, while 27 percent reported that their parents paid some of their monthly rent bills.
The most common expense that parents helped pay for was a cellphone, with 53 percent of those still requiring financial assistance reporting having their cellphone bill at least partially paid by their parents. Car insurance, 31 percent, car payments, 30 percent, and health insurance, 18 percent, were also significant areas where millennials still relied on their parents for financial assistance.
Perhaps the most surprising bills where millennials working full time still reported relying on their parents for assistance with were student loan payments, 18 percent, and credit card payments, 17 percent. While both areas do not have nearly as high levels of parental assistance compared to cellphones or car insurance, these numbers indicate that a significant proportion of millennials are paying off higher education bills from institutions that have not provided them with employment that allows them to be financially independent. Moreover, credit card bills could represent any charge put on a card, and is an extremely bad habit to get into since millennials are spending money they don’t have while relying on someone else to foot the bill.
Despite indicating a high number of millennials employed full time who still require financial assistance from mom and dad, the survey did reveal that a majority of these individuals are talking with their parents about developing healthy financial habits. Among the financial topics that millennials were most likely to discuss with their parents were saving, 72 percent, budgeting, 59 percent, and debt with credit cards and loans, 50 percent.
Truthfully, this habit of parents paying for adult children’s expenses helps no one. In some cases, parents will suffer financially to help their kids and their kids fail to become self-sufficient. This cycle serves no one’s best interest.
John Patrick (@john_pat_rick) is a graduate of Canisius College and Georgia Southern University. He interned for Red Alert Politics during the summer of 2012 and has continued to contribute regularly.
