Between the likelihood that your parents don’t want to tell you how much money they have and the awkwardness involved with actually asking them, my guess is that many of us have no idea what kind of financial shape our parents are in.
And that ignorance can make it really easy to ask for and accept handouts. After all, why would they give you money if they couldn’t afford it, right?
And parents have been giving. 48% of parents aged 40-59 have provided some financial support to a grown child within the last year and 27% said they are the primary source of financial support for a grown child.1
But recently, financial planner Lynn Greer gave me three excellent reasons for why Millennials, who have been lucky enough to find full-time employment, should avoid using their parents’ money for big-ticket items like cars, rent, down payments, or mortgages payments, etc.