Millennials have a stigma that they are a generation that in adulthood is fed, clothed, and provided for by their parents. Even though millennials face challenges that make it hard to become financially independent like student loans, sluggish job market, and rising costs of living millennials get a bad rap for being moochers.
Yet, a new survey conducted by USA Today/Bank of America show that more parents are choosing to help their kids because they do not want their child to have as hard of a time starting out as they did. The graph below shows that millennials are three times as likely to report their parents helped them out "a lot" financially when they were starting out compared to their parents' generation.
Regardless of the level of need millennials have in starting out it is never too early to start a relationship with a financial advisor. Do not allow yourself to become paralyzed with not knowing what to do or feel like you don't have enough money to talk with an advisor. Rather, you should ask for help.
Talking through your financial situation with a professional can help create a clear path toward success in the future. A financial professional can help you gain an understanding of your cash flow, savings, and liabilities. In turn, for example, this will help you create a plan on how to pay down student debt, save for and buy your first home, and plan for expanding your family. Regardless of how much or how little your parents are helping you, eventually you will need to pay for your own life, and being financially independent will empower you to make confident and fact based decisions toward a successful future.
Caroline Hill, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).