One common assumption about millennials is that many have dead-end jobs and have fended off extinction by suckling the teat of their boomer parents well past the point of preserving any dignity. Here's the thing though: That's not the case for a lot of families. In fact — get this, guys — a lot of millennials financially support their baby boomer parents.
I am not making this up. A survey by TD Ameritrade showed that in 2015, 19% of millennials were supporting their parents; the same percentage of boomers said they were supporting their adult children.
And the amount of financial support millennials were providing was greater than that of boomers and Gen X'ers.
We love our parents — who wouldn't help a parent if they could? But no one talks about this. Perhaps because it's hard for parents to talk about receiving help from their (millennial) children.
But the truth is between student loans, credit card debt, childcare, and helping out parents, many young adults today are dealing with tons of financial pressure.
If you're a millennial who financially supports your parent(s), we'd love to hear from you about how it impacts your life.
Tell us how long you've been providing financial support to your parents — and, if you're comfortable sharing, how much it costs you. What does that money go toward? (For example, do they need help paying for their mortgage?)
What led you to start supporting them? (Was it always expected of you when you started earning a salary? Did they unexpectedly lose their jobs? Has it been hard for your parents to find work, or are they unable to work?)
And, in the end, how does financially supporting your parents impact your life and plans?
We'd love it if you could include your age for context.