Many parents of millennials (ages 25 to 34) are financially supporting their adult kids, paying some or all of their monthly expenses, including groceries, cell phone, and even costs related to owning a car.
These parents are also paying for bigger ticket items, such as making rent and mortgage payments and paying down student loans. Roughly a quarter of millennials say they receive financial support rom their parents in these areas, with 13% saying their parents pay all of their rent or mortgage. And 10% of millennials say their parents are shouldering the cost of their student loans. By Megan Leonhardt for CNBC Make It with contribution from Luis F. Rosa, CFP® EA.