Millennials (age 26 to 41) say their parents help pay the bills

[dado potato]

40% of millennials say their parents pick up one or more of their monthly bills.

I gather this is how a great many American families cope with the problem of the rising costs of living, in excess of the younger generation's take-home pay.

Personally, I have played the role of "The Bank of Dad" for the down payment on a house, the legal expenses associated with a divorce in the younger generation, and some budget-busting car repairs. I was pleased to be able to help out. And now I see how my loved ones' quality of life has improved. They have not been ground down by spousal abuse, debt or poverty.

Identifying with the older generation in this story, fatalistically I ask, "What are ya gonna do?"

If I try to put my feet into the moccasins of the millennial generation, I wonder how simple living could contribute to self-help?

[iris lilies]

I am old and I have money, but no children.

I would for sure give money to my kids, as long as they are responsible with it and also AS LONG AS I maintain enough cashola to pay for nursing home expenses.

I am skeptical that everything they, the 26-41 group, spends money on is really a need. But that is entirely theirs to decide as long as I am not subsidizing “wants” vs “needs.”

My dad offered to co-sign a loan on my first house, but I told him I wanted to do it myself and I did. Interest rates were, conservatively, 11.5% for a mortgage. 26-41 year olds cannot grok that.

My exercise in financing my dream home in Las Cruces NM on my $12,000 annual salary 40 some years ago, and comparing it to nowadays, does not impress me that kids these days have it so much worse. They do not.

http://www.simplelivingforum.net/showthread.php?19810-My-dream-house-in-Las-cruces&highlight=cruces

[catherine]

I can definitely identify with having provided financial help to my kids to varying degrees. Thankfully, not a lot. They are pretty self-sufficient, but as you alluded to with the unexpected life experiences, like divorce, sometimes if you have it, it is great for kids to be able to benefit from a parental gift now and then.

As far as the simple living question, I consider 2 of my kids real simple livers, one is moderately so, and one is less "simple living" largely because of who he married. My most simple living kid (no car, no credit cards, no debt, cheap apartment, walking distance to work, no expensive hobbies or desires) has been the one who has had to get bailed out more often because part of his simple living MO is to work just enough to pay bills. So during COVID, he was furloughed and needed help.

My other simple living kid has never asked for a penny. He's more financially in-tune and practical. Come to think of it, the two other kids rarely asked for money once they got out of college; one married a frugal guy and the other makes a lot of money. However, I have helped him in terms of housing, but he didn't ask me for it.

I think the magic formula is simple living coupled with the principles of YMOYL Amy D., or even Dave Ramsey.

[pinkytoe]

I am very proud of DD for being financially independent. We gave them a couple thousand when they bought their first house and a hefty donation for the wedding but nothing since. I wish they were more frugal with their healthy incomes but it is their life to figure out. I feel for young people today though because everything is so expensive.

[sweetana3]

My brother never married and has no kids. However, Dad gave us a stepsister who was 6. She is now in college and my brother is paying her tuition. He was not asked to do it and just felt it was a good thing. Her older sister got a car (her choice) and promptly wrecked it. He did not replace it. He contacted me to make sure she would continue to get the support if something happened to him and I agreed.

It will give my stepsister a good start on life and will put her far ahead of her other relatives. Much like my husband who is the first in his whole family to actually graduate from high school and the only one we know of to graduate from college.

[iris lilies]

My brother never married and has no kids. However, Dad gave us a stepsister who was 6. She is now in college and my brother is paying her tuition. He was not asked to do it and just felt it was a good thing. Her older sister got a car (her choice) and promptly wrecked it. He did not replace it. He contacted me to make sure she would continue to get the support if something happened to him and I agreed.

It will give my stepsister a good start on life and will put her far ahead of her other relatives. Much like my husband who is the first in his whole family to actually graduate from high school and the only one we know of to graduate from college.

that is great of you to to do that for your stepsister. You and your brother stepping in as parent generation is very helpful to her too bad her sister chose to not value that which was given to her.

[Tybee]

I have helped my kids with money for house downpayments, a business loan, a divorce, and medical care for a sick baby. Hopefully I won't need to anymore, and don't plan on it, as they all earn more than I do, so there's that.

Very happy though that I did give them what I gave them as it reallyh helped them through rough times, and my parents did the same for me.

[ApatheticNoMore]

I don't get it, help with school is one thing, but well into adulthood? When I moved out of the 'rents house it was a matter of pride not to need any parental help. My dad still slipped me small change here and there in my 20s, like an extra $100 here and there (not beyond that age, give me a break). I never asked for it of course but he found ways to give me it. True, true rents are a lot higher these days. I was given a small amount by my grandparents, I used it when unemployed, the only time I needed it was when out of work.