A Shocking Number of Millennials Are Still Asking Their Parents for Help With Rent
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According to a new analysis done for the New York Times, 40% of people in their early 20s get financial help from their parents to cover living expenses like rent—and the average payout is around $3,000 per year.
Some millennials are more likely to get help than others: 53% of young people who studied art and design reportedly receive financial assistance from their parents, to the tune of $3,600 a year, on average. By contrast, 30% of millennials in the military or blue-collar job fields have been getting help with the rent from their parents, and they receive $1,400 per year.
The data comes from interviews with young people from 2007 to 2013 for the Transition into Adulthood Study, which is conducted by researchers at the Institute of Social Research at the University of Michigan.
In our previous coverage of the issue, we found that 30% of parents offering financial support for their adult children fork over at least $5,000 a year. What's more, unsurprisingly, parents think kids should be out on their own sooner: In a survey commissioned by Money, parents said that adult children should be financially independent by age 25. The adult children, on the other hand, want a couple extra years, and say that 27 is the right age for fully supporting oneself.