Survey: Nearly a quarter of millennials say parents provide financial help

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Just because your adult children have jobs and moved out, doesn’t mean they are financially independent.

A new survey by instamotor.com found that nearly a quarter of millennials who work full-time say their parents pay at least one of their bills.

80-percent of those who received financial help from mom and dad don’t live at home.

Here are the most common bills millennials are getting parental assistance with:

  • Cell phone 53%
  • Car Insurance 31%
  • Car Payment 30%
  • Utilities 30%
  • Rent/Mortgage 27%
  • Health Insurance 18%
  • Student loans 18%
  • Credit Card 17%
  • Other 5%

Even if your millennial children haven’t asked for help, it doesn’t mean they won’t. Almost 85% believe their parents would help them if they had a financial emergency like car trouble or medical expenses.

Nearly 63% say their parents have or would help them pay for their wedding.

*Click here to read more on this survey

 

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