STUDY: Millennials depend on parents for rent, phones and gas money
LOUISVILLE, Ky. (WDRB) -- Millennials rely on mom and dad for some expenses.
A report from Country Financial Security shows more than half of those from 21 to 37 years old get some financial assistance from their parents. That includes money for living expenses like gas and groceries, a cellphone, rent or health insurance.
The item requiring the most help? Cellphones. At least 41 percent of millennials get on the family plan with mom and dad.
About 37 percent of millennials admit they hit their parents up for cash on a monthly basis. Another 59 percent said they get money a couple of times a year.
One expert says the main reason millennials need financial help is a growing student debt load that earlier generations may not have had. The median student loan debt load is just over $41,000.
Millennials also tend to view their parents more as friends, which makes them more likely to dip into the parental piggy bank a little longer.
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