Millennials With Kids Still Lean On Their Own Parents For Financial Support

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February 07, 2017

Student loan debt, rising housing costs, and stagnant wages have made it tough for Millennials with children to get by. Many of their own parents, though, are still there for them.

Through a study from TD Ameritrade, Reuters reports that Millennials with children received $253 billion, or more than $11,000 a person, from their parents in the past year.

These are hardly slackers with their hands out looking for a free ride. Millennial parents tend to view parental support as a tool toward their financial independence - and not a way to delay adult financial responsibilities. In fact, 56 percent of millennial parents are grateful for the financial help, according to TD Ameritrade's research, although a quarter say they feel embarrassed for the handout.

Reuters told the story of young couple in Utah receives around $7,000 a year from their parents, including a $5,000 loan for a down payment.

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