Half of millennials are getting help from parents to pay bills

Jul 30, 2019, 1:25 PM
millennials millennial adult kids coming home...
A large number of millennials say they receive regular financial help from Mom and Dad. In 2020, more of them are just plain moving back home. Photo: Getty Images

Almost half of millennials report they are receiving some sort of financial support from their parents, according to a new survey by Money Under 30.

Is this a parenting issue? Have their parents just done such a poor job at teaching them how to learn and grow up? Or is it something else?

“How many people are unprepared for retirement? The same people that are subsidizing their adult children,” Granite School District Spokesperson Ben Horsley said on Monday’s Dave and Dujanovic Show.

Millennials are strapped for cash

According to the study, this year millennials are set to become the largest living generation in American history, but 80% of those surveyed don’t think that they will be able to achieve the same material goals that their parents have.

The study breaks down that parents are the first stop for that extra financial help for 48% of those that make up the 22-37 year demographic. 46% of them report getting help for basic monthly costs like housing, cell phone bills, and groceries.

The biggest area that they’re looking for help in, though, is cellphone bills (17.5%), followed by groceries (9.8%) and rent (6.49%).

Those studied say the biggest setbacks to their financial wellbeing come from a combination of low salaries, high rent, and mortgage payments combined with student debt.

“Squeezed by today’s inflated cost of living, millennials must strike a financial balancing act: saving money in a society that has a high cost of living. Millennials are struggling to make this a reality,” the study says.

That is one of the reasons that millennials are having a difficult time saving, according to the study.

Struggling to save

43% of the millennials surveyed report that they save anywhere between 1% and 10% of their paycheck, but that’s not adding up to much. 60% of those millennials have under $5,000 in savings, and 13% of them don’t have anything in savings.

The good news is that millennials still have a good attitude for their future. It just might take a little more planning and savings for them to get there. In the conclusion of the study, the researchers say that, while the millennials surveyed have enough to cover the basics, “They must put more emphasis on additional savings and debt-prevention.”

You can hear the full conversation that KSL Newsradio reporter Mary Richards and Granite School District spokesman Ben Horsely had about this topic, as well as many of our listener’s comments on the podcast below.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

All News

A 31-year-old man was taken into custody Wednesday in connection to a bank robbery earlier in the d...
Mark Jones

Bank robbery suspect taken into custody by Salt Lake City police

A 31-year-old man was taken into custody Wednesday in connection to a bank robbery earlier in the day.
21 hours ago
Utah 2022 legislative session...
Lindsay Aerts

Count My Vote threatens ballot initiative to protect signature path to primary ballot if new bill passes

SALT LAKE CITY — A new war is brewing over signature gathering.  The citizens initiative group that ushered in Utah’s decade-old compromise creating a dual path for candidates to get on the primary election ballot — which includes signature gathering, the caucus convention system or both — is threatening to launch a statewide ballot initiative […]
21 hours ago
Brigham City Police need help in locating a missing  14-year-old endangered boy....
Waverly Golden

Brigham City Police seeking help in locating missing teenager

Brigham City Police need help in locating a missing  14-year-old endangered boy. 
21 hours ago
Elizabeth Weiler

Utahns found wallet in a wall from 1970, looking to reunite with owner

After a local restoration company was called to remediate an emergency, they began tearing down walls, leading to a wallet found in the insulation. 
21 hours ago
#twitterdown twitter badges shown...
Samantha Herrera

#TwitterDown trends earlier as users experienced difficulties posting

Users across the word are reporting an error code that claims their account has reached the daily limit for tweeting.
21 hours ago
george santos is pictured amongst other lawmakers, he and romney have been exchanging harsh words...
Samantha Herrera

GOP on GOP: Romney scolds Santos, ‘You don’t belong here’

Santos' presence at the center aisle to see and be seen with the arrivals was met with a stern rebuke from a fellow Republican, Sen. Mitt Romney.
21 hours ago

Sponsored Articles

Skier being towed by a rider on a horse. Skijoring....
Bear Lake Convention and Visitors Bureau

Looking for a New Winter Activity? Try Skijoring in Bear Lake

This article about skijoring is sponsored by the Bear Lake Convention & Visitors Bureau. Participate in Skijoring the Bear on February 20th, 2023.  What is skijoring? Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and […]
Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
Spicy Homemade Loaded Taters Tots...

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Half of millennials are getting help from parents to pay bills