--- title: Why Even Successful Millennials Are Taking Handouts from Mom and Dad description: In a survey of well-off millennials, the vast majority say they still accept money from their parents to pay for health insurance, housing. authors: - name: Ian Salisbury role: Senior Editor url: https://money.com/author/ian-salisbury-2/ bio: Ian Salisbury was a senior editor at Money, focusing on investing, banks and mortgage. at_money_since: 2013 articles: 91 covers: - Personal Finance - Economy and Politics - Housing - Investing - Lifestyle - Loans - Mortgages - Retirement - Shopping - Taxes former_staff: true published: '2016-04-29T15:32:59.000Z' modified: '2024-02-23T10:03:43.000Z' section: Personal Finance tags: - Family - Millennials - privilege - pubddesk - ubs word_count: 349 canonical: https://money.com/rich-millennials-take-money-parents/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Young man holding wallet and counting money, Jersey City, New Jersey, USA](https://img.money.com/2016/04/gettyimages-492644377.jpg) Almost three-quarters of well-to-do millennials are still leaning on their parents for financial support, according to new UBS survey reported Thursday in [Investment News](http://www.investmentnews.com/article/20160428/FREE/160429931/risk-averse-millennials-relying-on-parents-for-financial-support-ubs#.VyKWSkvsQNU.mailto). But it's not because they're lazy layabouts. The survey, which focused on well-off young people -- high-earning go-getters whom UBS presumably hoped to win as investing clients -- cast millennials' willingness to take parental assistance as just one aspect of a generation that's become risk-averse after coming of age amid financial calamity. “They came into adulthood during a very uncertain economic time,” Sameer Aurora, the head of client strategy for UBS Wealth Management Americas told Investment News. “The financial crisis has cast a long shadow.” Indeed, young people's financial caution expressed itself in a number of different ways. Millennials held twice as much cash -- as opposed to riskier stocks and bonds -- than their parents. At the same time, only 29% were happy with their financial situations, compared to the more than three-fourths of people their parents' age. Finally, despite the millennial stereotypes about drinking craft cocktails and trekking through Tibet, what financial support millennials did receive tended to go toward not-very-glamorous expenses. Health insurance, housing, auto insurance, and utilities were top answers. ***Read Next:* 5 Signs That Millennials Are Turning Into Boring, Responsible Grownups** Of course, being cautious and hard-working doesn't also also mean you can't be entitled and earning far more than the average American. The survey included 1,131 young people, composed of millennials in their 20s either earning $100,000 a year or with that much to invest, as well as those between ages 30 and 36 who have accumulated at least $250,000. Even granting that most young people earning that kind of money are also working hard and successfully at their jobs, the fact that they still feel they need assistance to make ends meet suggests a remarkably high degree of privilege. San Francisco, New York and Denver aren't cheap, but they also aren't the only places where you can make a career. Millennials weren't oblivious to this either: Those surveyed felt "shame, frustration or guilt" about accepting handouts, UBS found. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/rich-millennials-take-money-parents/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Personal Finance", "item": "https://money.com/personal-finance/" }, { "@type": "ListItem", "position": 3, "name": "Wealth Management", "item": "https://money.com/wealth-management/" }, { "@type": "ListItem", "position": 4, "name": "Why Even Successful Millennials Are Taking Handouts from Mom and Dad" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/rich-millennials-take-money-parents/#webpage", "url": "https://money.com/rich-millennials-take-money-parents/", "name": "Why Even Successful Millennials Are Taking Handouts from Mom and Dad", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2016-04-29T15:32:59.000Z", "mainEntity": { "@id": "https://money.com/rich-millennials-take-money-parents/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/rich-millennials-take-money-parents/#breadcrumb" }, "dateModified": "2024-02-23T10:03:43.000Z" }, { "@type": "Article", "headline": "Why Even Successful Millennials Are Taking Handouts from Mom and Dad", "articleSection": "Personal Finance", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2016/04/gettyimages-492644377.jpg", "width": 5127, "height": 3412, "caption": "Man holding wallet" } ], "author": [ { "@type": "Person", "name": "Ian Salisbury", "url": "https://money.com/author/ian-salisbury-2/", "@id": "https://money.com/author/ian-salisbury-2/#author", "description": "Ian Salisbury was a senior editor at Money, focusing on investing, banks and mortgage.", "image": "https://img.money.com/2014/06/Ian-Salisbury.png?w=226&h=247&crop=1" } ], "publisher": "https://money.com/#organization", "datePublished": "2016-04-29T15:32:59.000Z", "description": "In a survey of well-off millennials, the vast majority say they still accept money from their parents to pay for health insurance, housing.", "abstract": "In a survey of well-off millennials, the vast majority say they still accept money from their parents to pay for health insurance, housing.", "@id": "https://money.com/rich-millennials-take-money-parents/", "inLanguage": "en-US", "dateModified": "2024-02-23T10:03:43.000Z", "wordCount": 349, "keywords": [ "Family", "Millennials", "privilege", "pubddesk", "ubs" ], "about": [ { "@type": "Thing", "name": "Personal finance", "sameAs": [ "https://en.wikipedia.org/wiki/Personal_finance" ] }, { "@type": "Thing", "name": "Wealth management", "sameAs": [ "https://en.wikipedia.org/wiki/Wealth_management" ] } ] } ] } ```