A third of millennials (polled in a survey conducted by OnePoll on behalf of Chartway Credit Union) say they are financially in debt to their parents, or as Money Manager Bill Dendy puts it, "The Bank of Mom and Dad is covering the cost of utilities, groceries... just whatever!" A quarter of them say their parents specifically cover their rent! Dendy says it's up to parents to teach their children financial responsibility way before they turn 30! "According to the 'kids' that were polled, 80% think they are financially responsible and will eventually get off the dole. BUT - 30% of those say they are going to wait until their folks say they have to stop!"
Your Millennial Child May Never Marry
He says it's just not good for parent or child. "We're taking a little longer to Launch Our Kids these days! For some people - they're jeopardizing their own retirement because they're sandwiched financially between their own parents and their kids!" Dendy says it's all in the upbringing. "Financial counseling needs to start as early as 10 years old. They should have their own checking [or savings] account and they should be managing their own budget!"
The same survey found a third said they're planning to get out of their parents' debt - but it's just easier to let mom and dad foot the bills. sheesh!
photo:Getty
Millennials in big debt to their parents are not paying it off.Photo: Getty Images