Lots of American millennials still depend on the bank of mom and dad — but they also say their parents are bad financial role models
More than half — 54% — of American millennials and Gen Z are still financially dependent on their parents, according to aSlightly less than half, or 47%, of millennials surveyed said they are"somewhat or very" financially dependent on their parents. About 60% of those in Gen Z said they depend financially on mom and dad.but there are two interesting twists in this study:
They don't feel great asking their parents for financial support. Over two-thirds, or 70%, of millennials said they feel ashamed when they have to ask their parents for financial support. About 60% of the younger cohort feels the same way. They're asking their parents for financial help, but they don't agree with their parents' financial habits. The survey found that 64% of respondents don't think their parents are good financial role models.
The survey defined millennials as those between the ages of 27 and 42, while those in Gen Z are between the ages of 18 and 26. Experian's survey is based on online responses from 2,008 adults in the US between 18 to 42 years old conducted between March 31 and April 4. There was an equal number of respondents in both age groups.at rates not seen since 1972 as they save for down payments amid high mortgage rates and high home prices.
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