{"id":4496,"date":"2018-04-19T22:22:51","date_gmt":"2018-04-19T22:22:51","guid":{"rendered":"https:\/\/genhq.com\/?p=4496"},"modified":"2022-07-23T09:02:04","modified_gmt":"2022-07-23T09:02:04","slug":"millennials-receive-financial-help","status":"publish","type":"post","link":"https:\/\/genhq.com\/millennials-receive-financial-help\/","title":{"rendered":"How Much Financial Help Do Millennials Receive?"},"content":{"rendered":"<p>There\u2019s no way around it: it\u2019s expensive to be a <a href=\"\/generations-gen-y-millennials-research\/sales-marketing-market-research\/\" rel=\"noopener\">Millennial<\/a>. With a historic amount of <span style=\"text-decoration: underline;\"><a href=\"\/rising-student-debt-weighs-heavily-millennials\/\" rel=\"noopener\">student debt<\/a>,<\/span> rising rents, and stagnating wages, Millennials need all the help they can get\u2026and it\u2019s coming <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.washingtonexaminer.com\/survey-nearly-1-in-4-millennials-working-full-time-still-rely-on-their-parents-to-pay-bills\/article\/2651169\" target=\"_blank\" rel=\"noopener\">from their parents<\/a>.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-4499\" src=\"https:\/\/genhq.com\/wp-content\/uploads\/2018\/04\/parentspaying2.gif\" alt=\"\" width=\"870\" height=\"500\" \/><\/p>\n<h4>Which Bills Are Millennials\u2019 Parents Covering?<\/h4>\n<p>According to a new survey by <span style=\"text-decoration: underline;\"><a href=\"https:\/\/instamotor.com\/blog\/millennials-parents-financial-survey\" target=\"_blank\" rel=\"noopener\">Instamotor.com<\/a>,<\/span> even with full-time jobs, 24% of Millennials still relied on their parents to pay some of their bills.<\/p>\n<p>The survey found that 80% of the respondents who were receiving help were no longer living in their parents\u2019 house.<\/p>\n<p>Which bills are parents helping Millennials cover?<\/p>\n<ul>\n<li>53% cell phone<\/li>\n<li>31% car insurance<\/li>\n<li>30% utilities<\/li>\n<li>30% general car payments<\/li>\n<\/ul>\n<h4>How Much Are Parents Sending Per Year?<\/h4>\n<p>A recent <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.nytimes.com\/2017\/02\/09\/upshot\/a-secret-of-many-urban-20-somethings-their-parents-help-with-the-rent.html\" target=\"_blank\" rel=\"noopener\"><em>New York Times<\/em><\/a><\/span>\u00a0article citing data from the <a href=\"https:\/\/psidonline.isr.umich.edu\/CDS\/TAS13_UserGuide.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">P.S.I.D. Transition to Adulthood Supplement<\/span><\/a> survey found that about 40% of 22-24 year olds receive some financial assistance from their parents for living expenses, averaging about $3,000 a year. These numbers tend to vary slightly depending on career path and geography.<\/p>\n<p>The also survey found that 53% of young people who aspire to have a career in art and design receive rent money from their parents, with an average of $3,600 a year. \u00a0On the other hand, Millennials who work in farming, construction, retail and personal services receive the least amount of financial support.<\/p>\n<p>In terms of geography, young people living in large urban areas are 30% more likely to receive rent money than those living in smaller cities.<\/p>\n<h4>The Hidden Driver Behind Millennials\u2019 Need for Financial Support<\/h4>\n<p>Though these numbers are staggering, they don\u2019t seem quite so surprising when you consider that the average college student now graduates with nearly $40,000 in debt. This debt is not equal across demographics, either.<\/p>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/priceonomics\/2017\/05\/18\/how-much-help-do-millennials-get-from-their-parents-paying-for-college\/#1f5da37c7cf5\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">According to a recent survey<\/span><\/a> by <span style=\"text-decoration: underline;\"><a href=\"https:\/\/lendedu.com\/news\/race-gender-paying-for-college\/\" target=\"_blank\" rel=\"noopener\">LendEDU<\/a><\/span>, men tend to have more debt than women, and white and Asian college graduates tend to have more debt than their black and Hispanic\/Latino peers.<\/p>\n<h4>What Effect Will This Have on Baby Boomers?<\/h4>\n<p>In our keynote speeches and research, we emphasize that parenting styles are one of the main influences on generational behaviors. And as Millennials gain more independence from their parents, how will this trend shift over time?<\/p>\n<p>And finally, what does this mean for Baby Boomers who want to retire in the coming years? Will they have enough money to leave the workforce?<\/p>\n<p>Only time will tell! But we will stay on top of the trends and make sure to share our findings with you!<\/p>\n<h4><strong>Solve Your Generational Challenges with Custom Research and Keynote Speaking<\/strong><\/h4>\n<p>We lead national and international generational studies for our clients every day. We also keynote events around the world, helping businesses better understand their customers and workforce.<\/p>\n<p>Let us know how we can help you.\u00a0<span style=\"text-decoration: underline;\"><a href=\"mailto:info@genhq.com\" target=\"_blank\" rel=\"noopener\">Send us an email<\/a>\u00a0<\/span>or give us a call and we\u2019ll be happy to provide a little information for you to review.<\/p>\n<p><em>Keep the conversation going, follow Jason and The Center on Instagram\u00a0<span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.instagram.com\/jason_dorsey\/\" target=\"_blank\" rel=\"noopener\">@Jason_Dorsey<\/a><\/span>\u00a0and\u00a0<span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.instagram.com\/thegenhq\/\" target=\"_blank\" rel=\"noopener\">@TheGenHQ<\/a>.<\/span> We are passionate about sharing our latest generational discoveries!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s no way around it: it\u2019s expensive to be a Millennial. With a historic amount of student debt, rising rents, and stagnating wages, Millennials need all the help they can get\u2026and it\u2019s coming from their parents. Which Bills Are Millennials\u2019 Parents Covering? According to a new survey by Instamotor.com, even with full-time jobs, 24% of [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,13,22],"tags":[],"class_list":["post-4496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baby-boomers","category-millennials-aka-gen-y","category-research-findings"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much Financial Help Do Millennials Receive? - The Center For Generational Kinetics<\/title>\n<meta name=\"description\" content=\"There\u2019s no way around it: it\u2019s expensive to be a Millennial. 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