August 22, 2019

Millennials Are Far From Financial Independence

“Most millennials define adulthood as being on their own financially, but the majority still depend on Mom and Dad for money, even in into 30s, according to a new Merrill Lynch/Age Wave survey given exclusively to USA TODAY.

Seven in 10 adults ages 18 to 34 received financial support from their parents in the last year, including more than half of those in their early 30s. Almost three in five millennials said they couldn’t afford their lifestyles without the support.

Despite that reliance, three-quarters say that financial independence from their parents is the measure of reaching adulthood.

“I think we need to acknowledge and understand that their finances (are) the No. 1 stresser in young adult lives,” said Lorna Sabbia, head of retirement and personal wealth solutions at Merrill Lynch. “If you talk to these adult children, they are not high-fiving each other.””

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