Johnny and I read an interesting article that accompanied a mini-Twitter (follow us here) discussion yesterday morning, so we wanted to get y’all’s take on it. (We’re headed to my home state of Alabama for Thanksgiving, so I’m brushing up on my Southern drawl.) The article stated some pretty interesting stats, the main one being that many millenials who are doing well financially are still getting monetary help from their parents.
The article cites a survey showing that one in four millenials making $75k or more are getting help with groceries from parents. Another result showed that more than 1 in 10 married millenials still gets parental help with their cell phone bill. And these are the millenials who are doing well financially. The other millenials? More than a third are receiving regular financial support from their families. And one in five still live at home and don’t pay rent.
As millenials ourselves, these stats surprised us a little, especially the stats about millenials who are making more than $75k. We’re not here to say whether this is right or wrong, good or bad. It’s just surprising. And more importantly, we just want to figure out what this says about our generation.
Are we lazy? Entitled? Coddled? Are we drowning in student loans? Are we just bad with money?
Or does it have nothing to do with us at all, and are these stats more telling of our parents?
Johnny and I lean toward the latter — that while both parents and millenials play some role, this survey says more about our parents than it does us. Knowing what we know about ourselves and our friends, our generation isn’t asking for financial help, but our parents are offering help, and oftentimes we’re taking it. (We aren’t specifically, but you get what I mean.)
And, as the article mentions, perhaps even parents who aren’t financially fit themselves are offering help to their millenial children. The truth is, much of our generation is drowning in student debt, and maybe parents want to alleviate some of that financial stress by helping where they can. The question is, when should that help stop? Johnny and I think parents should only be helping their adult children once the parents have amply padded their retirement. But that’s just our opinion. Now it’s time for yours.
Fellow millenials (and non-millenials), what do you think? What’s your observation been of our generation and our parents? If there’s a problem, what is it? And also, TGIF!