While it used to be that once someone graduated college they got a job and moved out on their own, that really isn’t the case anymore, and it seems some parents aren’t too thrilled their kids are mooching off them.
A new survey finds that most parents say it’s “embarrassing” to have kids still financially reliant on them past the age of 30, which isn’t good considering one-fifth of Millennials expect to count on their parents’ money into their 30s.
There is some good news however. The study notes that most Millennials, at least those ages 15 to 21, believe they’ll reach their financial independence by age 22, although 91% of parents predict it will be more like age 25. And for a lot of Millennials, when their own expectations aren’t met they have issues. In fact, 48% of Millennials say they’ve experienced a “quarter-life crisis.”
But it seems most Millennials aren’t judging their success by the amount of money in their bank account (probably because they have very little in there). The poll finds that 63% of those in Gen Z and 64% of young Millennials define wealth by the way they live, not the amount of money they have.
Source: USA Today Image © 2019 GettyImages