The survey, conducted by Money Under 30, Opens a New Window. asked 1,000 millennials about their financial independence. Opens a New Window. About 46 percent of millennials admitted their parents help them with basic costs like their cell phone bill, their groceries, and their rent.
The study says millennials are struggling with this due to a variety of factors, including their lower salaries, Opens a New Window. a high cost of living, the need to save for the future Opens a New Window. and trying to pay down their monstrous student loan debt. Opens a New Window. In fact, 80 percent of those surveyed said they anticipate achieving their material goals much later than their parents did.
About 13 percent of millennials admitted in the survey that they don’t have any savings at all, while 60 percent said they have less than $5,000 put away in savings.