Moving into adulthood is not easy. Given how competitive the workforce makes it harder for young Americans to get economic stability. One of the biggest secrets of some millennials on why they still get financial support from their parents is because they ask money to pay the rent.
Owning a home or just renting one especially in big cities is very expensive. A lot of young people find it hard to pay for their daily expenses and at the same time for the rent. Most of the time, millennials hate to admit that they get the money from their parents. This is something that they do not share to anyone.
According to the New York Times, a new survey shows that about 40 percent of young individuals in their early 20s get financial assistance from their parents to pay for living expenses. The average is about $3,000 a year while 53 percent of millennials who study arts and design receive an average of $3,600 a year. As for millennials in the blue collar field or military, they get $1,400 per year.
The Chicago Tribune reported that millennials get to experience a tougher life compared to other generations. Danna Jacobs, a financial planner and founding partner of Legacy Care Wealth, shared that getting a steady and salaried job as of your first day out of college is becoming less common. She also pointed out that millennials are also burdened by student loans in ways that the previous generation did not experience.
The continuous rise in the cost of living makes it hard for millennials to become completely independent. Young individuals who live in big cities are most likely to get help from their parents. Patrick Wightman, an assistant professor at the University of Arizona, shared that one’s career choice is also a significant factor. That is why financial dependence among individuals in their 20s has grown.
When it comes to parental help, “just by being there, influences the decisions that you make, in the major you pick, where you go to college and the type of work that you want to go into,” said Wightman.
For a lot of young people, getting financial assistance from their parents is not a normal thing. However, there are instances wherein it is okay to accept help. One millennial shared to Forbes that even at 29, he still gets support from his parents. He pointed out that in today’s economy, it is really hard to get a self-sustaining job. Everyone has their own point of view in this matter and what really counts is how you and your parents see it.
Meanwhile, Jobs & Hire reported that most of the millennials expressed themselves through social media. They use Facebook Live, Instagram Videos, Snapchat, and YouTube to enhance their public speaking skills.
