Read a crazy story that 2/3 of adult Gen Z (18 to 28) receive financial supports from parents. Another story says Millennials (30-45) aren't much better, with something like 60% still receiving financial assistance from parents. I find this mind blowing.
I'm guessing people in FI community are much, much lower? Like basically zero, because if you're receiving money from parents, are you really financially independent? But maybe my thinking is wrong. Maybe many of FI folks actually do still receive financial assistance from parents and you still consider yourself FI or on the path to FI?
Is FI actual "independence" (from parents) or is it just a number on your net worth spreadsheet, regardless of where that net worth comes from?
Do you get financial help from parents?
byu/mycounterpointers infinancialindependence
Posted by mycounterpointers
22 Comments
Parents are mostly funding the 529s for my kids which is awesome. Other than that just monetary gifts every so often <$500, but do expect sizeable inheritances hopefully no earlier than 20-30 years from now
I got $100 once twenty years ago when I was short.
Aside from that, assistance flows the other direction. It’s fine, though—they’re not subsiding on my dime. They drink shitty wine at home and nice wine with me (and event tickets, dinners out, etc.). I’ll take that any day.
That does sound surprisingly high for millennials.
Personally, I don’t think having financial help from parents is financial independence.
My parents paid for my college and then a $250k down payment for my San Francisco starter house.
I’m 40 now and together with my wife our net worth is over $5M. I offered to pay back the $250k but they refused.
No, they’re broke. My dad is 65, about to retire, has like $50k in savings, and no pension. His plan is to live on social security plus some income from renting rooms in his house to adult family members. Accepting money from him would be irresponsible
I’m 36. I did get a lot of financial support from my family, well into my 20s, in the form of free rent, food, health insurance, and occasional work at my dad’s company. Since I landed a real career, I’ve been on my own. I am very very grateful for the help, and intend to do at least the same for my kids
I’ve been pretty fortunate. My parents paid for a third of my post secondary education, gifted me $10,000 after I closed on my first house to help with renovations and also contributed to a a third of the cost of our wedding. My wife’s parents paid for her high level athletic pursuits which allowed her to get all of her post secondary paid for through scholarships and grants.
Article:
>Around 64% of parents with Gen Z children, aged 18 to 28, said that their adult kids still rely on them for money, housing, or other financial support, according to a new survey from Wells Fargo.
I was on my parents’ cell plan into my mid/late-twenties, since their work paid for a ridiculous data plan as part of their job. Started paying for my own when they retired, but of course I’m on the cheapest plan Google Fi offers lol
That would count as “other financial support” here, so unsure how valuable the survey is for the question being asked.
No, my parents stopped helping me as soon as I went to college at 18
Hell no… I learned to be financially prudent watching my parents mismanage money…
The median age people move out of their parents is around 24-27. So yeah, 2/3 of them still live with parents.
I think there are two kinds of support that aren’t distinguished in the article:
1. Keeping afloat, as in the kids wouldn’t make it without parent’s support
2. Passing on generational wealth
I’m hoping to help pay for my kids college and let them start debt free. Ideally I won’t die broke and pass some on too.
Im a millennial. I give my parents money, they don’t give me money lol.
My parents are dead so no but I also know I’ll never need to give them money in the future either.
A lot of boomers are oversaved for retirement, and in that case it makes more sense to gift to adult children periodically vs just hoard it so kids get a larger inheritance when they are 60+ themselves.
No. If anything my mom is a drag on us. She calls my husband for money.
My husband’s family has us paying for their internet and phone bills.
Millennial here. No, they receive financial support from me.
My dad passed almost 10 years ago (fuck cancer), and my mom was a homemaker all her life so she’s been living on survivor’s benefits and us kids have pitched in to pay the monthly mortgage on the home she lives in.
I am in my 40s, and my mom still tries to sneak me a crisp $100 bill “just in case” every time I visit 😂
No meaningful support since my 20s though. It hasn’t been needed, and they aren’t great with money, so I would never take anything from them. They won’t take money from me, but I do things for them to help set them up financially, and I like to give them nice gifts, especially my mom. I got her a nice coat last winter. Things like that.
Wealthy parents, no help currently, but they paid for my college which is huge
Most my parents did after I graduated was my dad let me put my then $60 cell phone plan on his credit card with the expectation I’d call my mom.
I hear stories from friends and even my own cousins of parents helping them buy their homes or expecting inheritances and ngl, it makes me envious. I’m getting $0 and maybe end of life expenses.
My parents are retirement age and still working. They have a paid off home, low expenses and pensions that cover them but no extras.
Millennial here, I don’t get any financial help from my parents, instead it seems I am their fallback retirement plan. Neither have anything to their name other than a property or two in their home country.
They did help me greatly in my early 20s though with free rent, money for books, parking, etc. while I was going to college.
My parents have literally nothing. Trying to plan a path to FI and figure out what they will need from me soon.
I’m 38 and my parents and grandparents helped pay for my college. I had part time jobs in college to make fun money, and I moved away after I graduated to a full time job. My parents have never had to worry about me financially, but they continue to support my younger sibling who works minimal hours for the family business. My parents want to retire but are afraid my sibling will be unable to support themselves (taking on the family business would require working real hours, so they’d rather do gig work). It blows my mind that we both ended up with completely different work ethics and money management skills.