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“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.””
JJ Editor's Daily Picks
"With many other countries already studying the Asian playbook, the United States and Europe could benefit from doing the same."
"Trump's cursing is one of the most straightforward parts of his appeal... Trump is not the only politician whose profanity has stood him in good stead."
"‘If we get all of this because Netanyahu wants to make Trump happy, that’s fine with us,’ says local council rep in Golan Heights as plans ramp up for ‘new’ neighborhood honoring U.S. president..."
"...there is something worth paying attention to in this latest petition from fans keen to have a creative work made the way that they want it. The comments on the petition are instructive."
"The sunny job numbers and steady growth hide the fact that most people think the economy works only for people in power."
"Like many other Americans, I now wear AirPods all day at my desk to combat the awful tyranny of the open office. Since they don’t cancel noise, they provide me with writing music..."
"The logic of attributing mental states to nonhuman animals is complicated. We cannot use deductive inference, because there are no general rules..."
"As the canon of English literature slowly, gradually opens itself up to books by women and authors of color, Modern Library and Penguin Classics have just launched two new series..."
"Egalitarian couples assume their progressive ideology will carry the day. Sociologists know that it doesn’t.... sharing child care is associated with valuing gender equality..."
"Business Booms for Sephardic Food: Women are leading the way as small businesses bring traditional recipes to the commercial marketplace..."
"With most animal populations, the niches that encase the populations are of constant size. Animal societies growing in a given niche have dynamics neatly fitted by equations with a constant limit or ceiling."
"Now some 200,000 Jews live in Germany, a nation of 82 million people, and many are increasingly fearful.... 85 percent of respondents in Germany characterized anti-Semitism as a “very big” or “fairly big” problem..."