The grim reality of millennials who rely on their parents for money: 'I pay for lunch at work, and I pay for my Netflix account'
James Wellemeyer,MarketWatch 14 hours ago
Like many people her age, 28-year-old writer Kristine lives with her parents. "It's both embarrassing and a necessity," she told MarketWatch.
"I am an only child, so it's just my parents and me at home," she said. "Anything communal -- family cellphone bill, cable, food at home, family vacations -- my parents will pay for. But I pay for lunch at work, and I pay for my Netflix account."
But most young Americans don't agree with Kristine's confessed embarrassment, according to a study released this week by TD Ameritrade AMTD, +1.31%(Parents had a slightly different opinion.)
Though roughly half of younger millennials and Generation Z members expect to be financially independent in their early 20s, according to the new study, and over 90% of parents surveyed expect their kids to be financially independent by the age of 25, previous research suggests those are optimistic goals.
For millennials who are financially reliant on their parents and/or still live with them, there doesn't appear to be much associated shame, and, fortunately, the TD Ameritrade survey found, both parties regard each other as friends,with 63% of the millennials saying their mom and dad are their best friends, and 77% of parents feeling the same way.
Roughly 15% of millennials live with their parents, up from 10% of Generation X members when they were in their 20s and 30s, the Pew Research Center found.
"At 30," said Kristine, "I should probably figure it out." Until then, living with her parents has allowed her to save some money and do the work she wants to do. "I've had a lot of conversations with my parents about the privilege of being able to pursue a career in journalism," she said. "This isn't something I would be able to do if my parents didn't live near the city and I couldn't live with them."