Mom and Dad still foot some bills for 1 in 4 millennials working full time. If that's you, don't forget to thank them this Mother's Day.
Millennials earned about 20 percent less in 2013 than baby boomer did at their age in 1989.If a young adult needs financial help from their parents, the reasons why should be explained.
"For some millennials, especially those just transitioning into adulthood, it can take some time to get to the point where they don't need their parents' help," said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.Jamie Grill | Getty Images A 2017 study of Federal Reserve data by advocacy group Young Invincibles showed that millennials earned an average of $40,581 in 2013. That's 20 percent less than the inflation-adjusted $50,910 earned baby boomers in 1989.
"Once you ask for financial help, your business becomes your parents' business," Cheng said. "I'm not saying you need to share everything, but you can't just ask people to give you money without letting them understanding the situation and why you need financial help."If overspending is causing the reliance on parents, scrutinize where you can cut back.set the average consumer back $5,400 yearly. The biggest category for spur-of-the-moment purchases? Food.
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