Millennials are still getting a lot of financial help from their parents. A survey by The Ascent from The Motley Fool found that only 37% of Millennials are financially independent from their parents. 63% of Millennials are at least somewhat dependent on their parents, with those getting financial assistance from their parents using the bank of mom and dad to pay for 33% of their expenses.
72% of respondents said they would like to be financially independent from their parents as soon as possible, while 28% are in no rush to be on their own.
Here are the Top 10 things parents fully pay for:
- Phone bill: 13%
- Car insurance: 10%
- Health insurance: 8%
- Rent/mortgage: 7%
- Video/streaming services: 7%
- Electricity: 5%
- Groceries: 5%
- Out-of-pocket medical costs: 4%
- Toiletries: 4%
- Car payments: 3%
Here are the Top 10 things parents partially pay for:
- Groceries: 12%
- Rent/mortgage: 8%
- Student loan payments: 6%
- Car insurance: 6%
- Out-of-pocket medical costs: 5%
- Phone bill: 5%
- Toiletries: 5%
- Health insurance: 5%
- Video streaming service: 4%
- Gas: 3%