Listen Now: Millennial Money and The Bank of Mom and Dad
Feel like you’re left with a little less money this month? Check your children.
A new study says millennials—those in our early twenties to mid-thirties—rely on a certain bank to get extra cash, the bank of mom and dad.
The study done by Magnify Money found that even millennials who consider themselves financially independent still turn to parents when they need a little extra. Most people surveyed say they hit their parents up to help make ends meet and pay for living expenses such as phone bills, food and rent.
Part of the problem is most of the age group doesn’t have enough money in their savings account to cover emergencies. And in some cases millennials are dipping into their savings to cover something such as a last minute trip or bottle of wine; which means when they really need money it’s not there.
So how can millennials do better and stop dipping into their inheritance early? Financial planners say it’s time they start investing their money and think twice about big purchases. You know… like avocado toast.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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