Low Salaries, Student Loans And High Cost Of Living – The Top Reasons Millennials Borrow Money From Their Parents

Nearly 50 percent of millennials are financially dependent on their parents, asking for help to pay their phone bill and rent, a new study reveals.   The study conducted by Money Under 30 surveyed 1,000 millennials, people born between 1981 and 1996, on their financial independence and 46 percent admitted that their parents help with monthly costs like the cell phone bill, groceries and rent.   In the survey 48 percent said that their parents were their first stop for financial support. Furthermore, 17 percent said that their parents helped them on a monthly basis with the cell phone bill.  The reason behind the financial dependence on parents lies in low salaries, a high cost of living, overwhelming student loans and saving for the future, the study found.

To read the Money Under 30 study: CLICK HERE (You will be redirected)

Photo Credit: Money Under 30


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Scott Fox and Kat Callaghan