Do you still get money from your parents for things you technically should be paying for yourself by now even though you graduated college a few years ago?
If you do, you probably keep that fact on the down low, probably because you are a little ashamed that you are a 20-something college grad that can’t fully support themselves. Don’t worry though, you are definitely not alone. A ton of millennials are in the same boat, and many put up front that they are self-sustainable when they really aren’t.
A Bank of America report published last month found that 40% of millennials regularly receive financial assistance from their parents. It’s not much of a surprise either — 36% of parents said they expect to support their child for more than two years after graduation, double from 18% of parents in 2014, according to Bloomberg.
Jeffrey Arnett, a research professor of psychology at Clark University, explained why parents bankrolling their children is an open secret:
“There’s this negative stereotype we have about young adults, that getting financial help from their parents indicates a character deficiency on their part.”
But like Robin Williams’ character in “Good Will Hunting,” it’s not your fault. Millennials live in a world fresh out of recession with historically high unemployment rates and growing student debt burdens. Arnett explains:
“They’re generally striving really hard to become financially independent, but they just can’t find a job that will pay enough, or are between educational programs, or they’ve lost a job … It’s not because they’re lazy and they’re tired of doing their own laundry.”
So if you’re working hard and making moves in order to better yourself, don’t feel too guilty about still receiving financial support from yours parents. After all, you’re far from being the only one.