Millennials have taken a lot of heat from older generations for their lack of financial independence. Unfortunately, even with U.S. unemployment at its lowest levels in decades, a large segment of American millennials are still struggling with their finances.
A new survey of 1,000 millennials conducted by Money Under 30 found 45.7% of millennials receive some form of financial support from their parents on a monthly basis. Roughly 17.7% of millennials receive help with their cell phone bill, 9.9% receive assistance with groceries, and 6.5% of millennials get help paying their rent. Only 29.6% of millennials reported never asking for any form of financial assistance.
About 22% of millennials said they are currently either living with their parents or receiving rent assistance from their parents. Less than a third (32.7%) said they own their apartment or house.
One of the biggest problems millennials seem to be having is managing their budgets. In fact, 23% of millennials reported they are saving no money on a monthly basis.
Millennials blamed their low-paying jobs as the biggest problem with their financial situations. In fact, 39% said low salary was their biggest financial burden, more than rent (26%) and student debt (24%).
When asked what activities they would be willing to give up in order to save more money, eating out (30.6%) was the most popular response. Alcohol (22.5%) and shopping (20.6%) were also potential sources of overspending.
Savings And Debt
About 75% of millennials report having some degree of debt. About half (50.1%) report up to $50,000 in debt, while 18.8% report between $50,000 and $200,000 in debt. At the same time, about 17% of millennials either don’t have a savings account or have no money saved in it. Only 23.4% of millennials report having more than $5,000 in savings.
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