Boomers are helping with the bills
According to the same 2018 study, millennials are not that great with finances. Most of them have around $15,000 dollars in debt and 50 percent of the respondents have credit card debts, 35 percent have student loans that they need to pay, and 40 percent are also burdened by car loans.
A survey carried out in 2017 revealed that almost half of the millennials received financial help from their parents in the past year, amounting to $2,543 on average. Some might have got even more help than they wanted to admit.
How this happens
At the other end of the spectrum, parents estimated a higher level of giving. They claimed that in the past year they provided their children with $4,527, on average. Regardless of who’s closer to the truth, these bill payment estimates provided by millennials and boomers can help you have a better perspective on all the costs involved.
Rent/mortgage: the biggest help boomers provided was with the rent or mortgage payments. 15 percent of millennials admitted to getting around $2,033, on average, for housing expenses. On the other hand, boomers claimed to have provided $3,462.
Continue reading on the next page!
