Article courtesy of CBS News via “The Rundown”
Daddy, can you spare a dime? Apparently, many do — and much more than a skinny coin. One out of six American adults receive financial support from their parents or other family members, who chip in for everything from rent to basics like groceries.
That may be in stark contrast to how earlier generations viewed independence, adulthood and money. Today, six in 10 millennials are unmarried, or three times the rate of the silent generation (people now in their 70s and 80s), when the average marriage age was 21 for women and 23 for men.
But the U.S. economy has also changed since their parents and grandparents entered the workforce. The financial crisis and Great Recession hit millennials just as they were entering the job market — and many of them are also juggling hefty student loan repayments.
“They may have been unemployed or underemployed, and if you lose those early couple of years in your career, it takes a long time to recover,” noted Doyle Williams, executive vice president of Country Financial. “When I went to college, you could work a part-time job and pay your way through with a small student loan.”