Many parents of millennials are financially supporting their adult kids, paying some or all of their monthly expenses, including groceries, cell phone, and even costs related to owning a car. - CNBC
, a financial advisor in Dublin, Ohio: "There's a reason on an airplane they say to put on your own oxygen mask before helping a child." Make sure you are on track with your emergency fund and that you're putting money away for retirement before helping your children.
That's because you can use a number of different loans, scholarships and grants to pay for college, for example, or get a mortgage to buy a house. "Consider the fact that there's pretty much financing available for most life decisions, except retirement,"Millennials recognize that relying on their parents is not ideal. While people may talk about how millennials are "slackers" and how they love living off their parents, that's simply not true, Dychtwald says.
When they can, however, early adults are working to repay the support. While 26% of those ages 18 to 34 say they moved back home for a time, 54% say they make some contribution to rent or household expenses, Merrill found.say they intend to help their parents financially down the road in return. Merrill's survey found that 82% of those ages 18 to 34 say it's their responsibility to let their parents move into their home if the need arises.
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