According to a recent survey from SunTrust Bank, one of every four Millennials are still being supported by parents, of which half of those parents admit to it causing stress on them. First off, I am not looking to cut off the 18-20 year olds, even up to 22, saying they need to get a job and be on the own, as it is currently common for parents to be supporting college-age children. Given the fact that a Millennial is one who is currently between 18-34 years old, however, it does raise questions as to those later 20’s and into 30’s, how can you still rely on your parents, or better yet, why are you as parents still supporting them.
The survey did remove those college-aged 18-20 year olds from its data, and what it found was shocking. Parents most often helped their millennial children pay for: cell phones (14%), car insurance (13%), household finances (12%), medical insurance (11%), and rent/mortgage (9%).
As parents you look forward to the day your child can go off on his or her own, enjoy the empty house that you have not felt until prior to having children, and maybe travel a little more without supporting your children now that they have their own good paying jobs. Unless there are real serious issues about why your child is still living at home into their 30’s, or a sudden job loss, or temporary living situations, it is normal to move on in life, not be one of the 25% still relying on mommy and daddy. It is time to have a serious talk and have an end-game. If the financial support is supposed to go to help their financial independence then set a date when you can transfer the responsibility over to them and leaving you free and clear.
Since cold turkey may be an issue if your child has been used to living off you while having a place to stay and a full fridge, start small. If you are paying for cell phone bills or car insurance, start by asking for half to be paid for an agreed period of time, eventually your child taking over the whole payment for good. Cutting off your millennial child will help you both in the end, it will teach them financial freedom, as well as freeing up your wallet for your enjoyment as you enter your golden years.