Over 30 Percent of Millennials Have At Least One Bill Paid By Parents
The widespread stories of millennials relying on parents are true, according to a recent survey by market researcher OnePoll.
In the survey, it was found that nearly 40 percent of millennials get at least one of their regular bills paid by their parents. The findings about millennials getting parental aid did not stop there, but also went on to outline the most common type of bill that has the generation calling their parents for help.
According to the findings, 24 percent of millennials rely on their parents to cover their rent, while 17 percent depend on them to pay their mortgage. This makes housing the topmost expense with which millennials need parental assistance on a regular basis.
Conducted for Virginia’s Chartway Federal Credit Union, the survey also highlighted the other types of bills that see millennials relying on parents. This included 22 percent of interviewed millennials getting parental contributions for their groceries, and 19 percent receiving help with their utility bills.
In transport essentials, 18 percent of millennials asked their parents to assist them in paying their auto insurance, while 16 percent of them had to reach out to their parents for their car payments.
The survey also shows millennials getting parental aid for non-essential expenses, with 12 percent of participants getting their parents’ help with streaming services coverage.
The survey also showed that for most of the millennials, relying on their parents is not out of their plan to be financially-dependent on their family for an indefinite period. Instead, they do so out of a dire need to save money.
In fact, 72 percent of the millennials expressed the desire to pay all of their own bills within 1-2 years – a period that they see as enough time for them to be self-sufficient. Meanwhile, 30 percent of millennials relying on parents did admit that they will get all the help that they need until their parents refuse them any financial aid.
The survey encompassed findings from 2,000 interviewed millennials to highlight the current spending habits of the generation that has been hit with economic hardships in the past few years.
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