“It’s just really expensive to be a young person now,” said Kimberly Palmer, a personal finance expert at NerdWallet. “Across the board, everything is expensive, especially in big cities. It can be a huge asset to be able to turn to your parents.”
In a new survey, two-fifths of millennials say their parents still pick up one or more of their monthly bills.
For young adults, the 2020s have posed one economic challenge after another: Spiraling inflation. Rising rents. Lagging wages. Soaring home prices. The new survey joins a growing data file on the evolving financial relationship between adult children and their parents., either by allowing them to live in the parental home or by paying some or all of their bills. A significant share of parents said they still pay their adult children a monthly allowance.
“Because it’s so common, it’s nothing to be embarrassed about, and it’s nothing that you should feel like you need to hide,” Palmer said.
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