Why it’s time to cut millennials some slack for being financially dependent on their parents.
Like many people her age, 28-year-old writer Kristine lives with her parents approximately 30 minutes outside of New York City. “It’s both embarrassing and a necessity,” she told MarketWatch.
Despite a decade-long expansion and record-low unemployment, millennials’ expectations about when they expect to be financially independent appear to be optimistic: Previous studies suggest that between 60% and 70% of 18- to 34-year-olds actually still rely on their parents for financial assistance, so both children and their parents appear to have unrealistic expectations about parting ways.
Kristine decided to move back in with her parents. “At 30, I should probably figure it out,” she said. Until then, living with her parents has allowed her to save money. “I’ve had a lot of conversations with my parents about the privilege of being able to pursue a career in journalism,” she said. “This isn’t something I would be able to do if my parents didn’t live near the city and I couldn’t live with them.
This wasn’t the case three decades ago, Pollak said. “It’s unfair to compare a 30-year-old today to one 30 years ago,” she added. In the past 10 years alone, the number of borrowers who owe more than $100,000 has quadrupled. “Financial help is not possible,” Pollak said.
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