Jump to content

News Feeds

1 In 4 Millennials Rely On Their Parents To Pay Some Bills - Even While Working Full Time

Recommended Posts

Time and time again, we've discussed how America's millennial generation is burdened by debt, effectively precluded from home ownership and increasingly disgruntled and pessimistic about their future prospects for wealth and happiness.

Debt

In its latest Global Wealth Report, Credit Suisse said the millennial generation has faced "a run of bad luck", much of which was centered around the financial crisis.

"The “Millennials” – people who came of age after the turn of the century – have had a run of bad luck, most clearly in developed markets. Capital losses in the global financial crisis of 2008-2009 and high subsequent unemployment have dealt serious blows to young workers and savers. Add rising student debt in several developed countries, tighter mortgage rules after 2008, higher house prices, increased income inequality, less access to pensions and lower income mobility and you have a “perfect storm” holding back wealth accumulation by the Millennials in many countries."

And maybe as a consequence of this "bad luck" (or perhaps because of their sense of entitlement and their unwillingness to seek challenging careers in the sciences or engineering fields), millennials also outrank previous generations in another area: The unprecedented number of people in their mid-to-late 20s (and some even later) who are still living with their parents, or relying on some form of financial help from their parents. Even some who have full time jobs.

Millennials

To that end, CNBC recently pointed out a study showing that nearly a quarter of millennials who are fully employed report receiving help from their parents.

The survey, conducted by Instamonitor, involved 800 millennials, defined as those between the ages of 18 and 34.

Two

The most common bills paid for by parents were cell phones - 54% - and car insurance - 31%.

"For some millennials, especially those just transitioning into adulthood, it can take some time to get to the point where they don't need their parents' help," said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.

"I'd never tell a parent not to help their kids, but they do need to set parameters," Cheng said.

The more than 75.4 million millennials generally face financial challenges that their parents did not, CNBC concludes. And it's not just that they're carrying $1.4 trillion in student loan debt - their wages are lower than their parents' wages were when they were in their 20s (when adjusted for inflation, of course).

A 2017 study of Federal Reserve data by advocacy group Young Invincibles showed that millennials earned an average of $40,581 in 2013. That's 20 percent less than the inflation-adjusted $50,910 earned baby boomers in 1989.

Three

As one might expect, a separate study conducted by CreditCards.com last year found that parents report higher rates of helping out their adult children - with as many as 74% of parents saying they provided some form of financial support.

Of course, as CNBC points out, for many millennials, accepting support from their parents comes with some uncomfortable strings, like allowing parents to monitor your spending to a certain degree.

Which is why it recommends that all adult children should have "an exit strategy" by having a pre-set date in mind for when they will take over paying whatever bill their parents hep them with.

But since many of the jobs being created by the US's allegedly "tight" labor market are part-time gigs (and what's worse, wage growth across industries has been stagnant) - and pretty much all high-paying career-track jobs requiring advanced degrees or some specialized skill like software programming - we wonder whether a growing number of millennials are coming to terms with the idea that they might need to rely on their parents forever.

u5nNO1lYTzY

View the full article

  • Like 1

Share this post


Link to post
Share on other sites

Is it me or does the obvious always seem to escape these people?

I wasn't neck deep in debt at their age because I new, of I didn't need it I shouldn't get it. Period.

My oldest step daughter fed me some Bernie Sanders b.s. about how much easier it was for my generation. When I laid out how I worked, saved and managed my money she still could not fathom how I made it on so little. These kids/adults are too brainwashed into believing that everything is someone else's fault and responsibility.

  • Like 1

Share this post


Link to post
Share on other sites

I mean I know the cost of living was cheaper and I could get a job everyday I always work construction but when I was 12-18 i worked everyday doing all kinds of things because the cost of living wasn't as high people could afford paying workers on the side my perspective right or wrong with the cost of living so high and skilled jobs harder to get it maybe harder for them millennials but I was born in 1990and I'm doing fine.

  • Like 1

Share this post


Link to post
Share on other sites

Remove technology from their list of needs and check the difference in cost.

I made my way. You made your way. All things considered, they can too.

 

  • Like 2

Share this post


Link to post
Share on other sites

Yeah hell yeah I still don't like cell phones im prepaid only and I never use them just got 2 in my hiking packs and my kids have 1 a piece but first couple years outta the house I'll probably make sure they can take care of there own you know the stuff all kids need to know before there 18 so they don't need mom and dad no more.

Share this post


Link to post
Share on other sites

You know my best friend lives with his mommy I think it might be a new culture thing he makes good money to so idk we all make fun of him but he don't wanna move 

Share this post


Link to post
Share on other sites

I get that. I do believe that few things bring greater satisfaction than making your own way. Sad that so many are opting out of the normal way of life. Our greatest memories are of the hardships endured and battles won. Where will their pride lay? What stories will they have? Like I said, sad. The impact on our Republic will be massive. Passive aggressive beta males will always opt for more government. EVERY time.

  • Like 1

Share this post


Link to post
Share on other sites

In another generation or less they won't know or care what the constitution is. It sucks. I may have a court date soon because a 45 year old meth head put his hands on his 70 year old mother and I had to discuss what was unacceptable with him. He only spent 48 hours in the hospital, could have been worse. This blatant disregard for common decency has to stop. 

  • Like 1

Share this post


Link to post
Share on other sites
22 hours ago, Ripcannon said:

Yeah hell yeah I still don't like cell phones im prepaid only and I never use them just got 2 in my hiking packs and my kids have 1 a piece but first couple years outta the house I'll probably make sure they can take care of there own you know the stuff all kids need to know before there 18 so they don't need mom and dad no more.

So you got a pc every where you go ?

Share this post


Link to post
Share on other sites
23 hours ago, Ripcannon said:

MEGATRON.rotflmao

Umm yeah clearly that's me...nice of you to try with that .   

Seems a sad lonely attempt of a single divorced dad to cut someone down

Share this post


Link to post
Share on other sites

Trolling?   Oh my maybe call me a liberal too.   You don't agree with what I say and that makes me a troll...  don't you have a black lives matter rally to attend...

 

Yeah pretty easy to peg you.    Must of been a training weekend 

  • Sad 1

Share this post


Link to post
Share on other sites

No you just are negative i agree with some of what you say your not a dumbass just argumentative and I was fuckin with you so don't melt 

Share this post


Link to post
Share on other sites

Hey I dig that the blm exist it's a good way for urban kids to read a little of the constitution but come on they wouldn't let me near them im the iconic picture of what they don't like.

Share this post


Link to post
Share on other sites

Megatron, Ripcannon: Gents, I urge you to act with some restraint and show each other some mutual respect. If you feel unable to do so please let us know.   

Share this post


Link to post
Share on other sites

What I read in this thread is anything but respectful. You got a problem with someone take it to PM's, not out here where someone (perhaps maybe seeing a MIltia forum for the first time) can see it and think this is a dirty sandbox life Arfcom.

'Nuff said.

Share this post


Link to post
Share on other sites

Interesting article. They left out the part of how 2007 and 2008 financial crash, and the couple years preceeding it, was brutal to just about everyone...workers, non workers, retirees, and employers. A whole bunch of people over the age of 60 were forced back into the job market...lost retirement benefits of their pensions and health insurance, lost value of their financial portfolios,  lost daily financial security due to cost of living increases that made it impossible to live on social security. The jobs that the older generation were forced into taking were the part time and low paying full time jobs taken by kids on the weekends, part time college kids, and basic entry level jobs needed by those in between phases of employment. The young teenagers were even stopped from doing normal jobs like mowing their neighbors lawns and scooping snow off driveways due to the change in labor laws. The whole pandemic was a perfect storm to drive America into a socialist state.  I could rattle on for an hour about this, but I will keep it short. Basically a whole generation of people got left hanging in limbo on their futures because the job markets dried up or disappeared entirely.

  • Like 1

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.

×