While many adults move out of their mom and dad’s house as soon as they can, it turns out that a lot of them still need their parents to help pay their bills. According to new research, just over a third (35%) of adults admit they still have at least one bill on their parents’ tab.
A survey of 2-thousand U.S. adults gives us a peek into their spending and saving habits:
- The top three expenses still paid by parents are rent (19%), groceries (19%) and utilities (16%).
- Nearly a quarter (24%) of millennial respondents say their parents cover their rent.
- Close to three-quarters of those polled (72%) plan to start paying these bills themselves within the next two years, but 30% confess they’re holding out until they’re parents stop paying.
- About a third (31%) say they’re trying to save money, but admit it’s cheaper to let their parents pitch in.
- In an average month, respondents have six different bills and expenses including utilities (56%), food (66%), car insurance (48%), Internet (46%) and rent (43%) or a mortgage (40%).
- Half of those surveyed struggle to limit unnecessary spending, as well as budgeting for unexpected expenses (45%) and remembering to pay bills on time (40%). But only 32% say they struggle with their taxes and 26% have a hard time keeping their credit score high.
- Despite all this, 85% of respondents consider themselves to be financially responsible.
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