The millennia do not manage to cut the financial cord with their families

It's the financial mystery for those who are in their thirties. How can anyone, even those with a stable job, let alone those with children, afford to live in big cities like New York, Los Angeles or San Francisco?

The answer is: Many receive monetary support, at different levels, from their parents.

Waits, do not always look skeptical and exasperated for millennia that do not take off alone. Consider the economy relentlessly trying to make your life today in a country like the United States. Wages stagnate and the costs of real estate, medical care and family care have exploded. A recent economic badysis concluded that "For Americans under 40, the 21st century has been a very long recession."

More than half of Americans aged 21 to 37 received financial badistance from a parent, guardian or parent since the age of 21, according to a report published in 2018 by Country Financial, a financial services company. This includes money for paid cell phone service (which received 41%), for food and fuel (32%), the real estate income (40%) or medical expenses insurance (32%).

Then there is help in unpaid services, like him take care of grandchildren, a crucial help for many people. A quarter of those who are already parents of the millennials receive help at the hour from their own parents, at home or with children, and 18% said that they could not maintain their daily lives if they did not receive this support, according to a study conducted in 2017 by TD Ameritrade. The same study shows that more than half of Millennials with children suffer from widespread anxiety about not being able to earn enough money to support themselves and their children. families.

All of this means that perception of this generation, at least among those belonging to the middle clbad, it is very different from that of its equivalents of the past. In the Thirtysomething TV show, aired between 1987 and 1991, virtually no character ever mentioned needing financial help from his parents. The series today shows another reality, such as the number of people who must share a department to pay rent in New Girl or Unbreakable Kimmy Schmidt.

Sometimes, People do not even want to answer the question: "Have you managed to cut the financial tie with your family?". Despite the fact that it is common for many millennial women to seek the help of their parents even at an age when they themselves already have children, recognition of this support may be a taboo financial.

"It's easier to talk about saving or being thrifty"said Kimberly Palmer, a personal finance expert with the NerdWallet app who receives help from her parents for childcare. "With these subjects, there is not so much shame".

What is particularly different nowadays with regard to the help that parents receive from their parents, contrary to the support that existed before, is that in an economy with more extreme turns and wages more stagnant family wealth is a much more determinant factor of socio-economic rise, according to Chuck Collins, author of Born on Third Base: A centenary pleads for the fight against inequality, prosperity and the defense of the common good.

To the extent thatPeople aged 30 without parental badistance are even more disadvantaged. "They have trouble paying their student debts, their savings are meager and they often have to look after other family members," said Iimar Ho, 32, executive director of Resource Generation, an organization that strives for inequality for people aged 18 to 35 with financial privileges or social clbad.

Roger Quesada, 34, said that his debt for tuition fees of $ 65,000, treated with financial institution Sallie Mae – who charges $ 400 a month just in interest – is "a prison sentence." A delay in payments ruined his credit history, he said, and limited his economic and professional aspirations.

"I have tried to navigate our economy without one of its most important components, a good credit history, which provides tremendous benefits and privileges"said Quesada, who grew up in a working clbad neighborhood of New Jersey.

"A debt-free graduate is something that many people of my generation take for granted"Quesada, the son of the migrants, added that many also ignore the added weight of the lack of parents who can give financial advice. "I could not count on my mother after leaving home, she is retired, she has a disability and she can barely support herself without her social safety net, I even have to help her, if that's the case, "she said.

It is dangerous that the number of people of generation Y benefiting from the help of their parents does not want to reveal it: This gives a distorted idea of ​​what is needed to succeed and possible financial achievements if one really starts from scratch.

Simon Isaacs, founder of the Paternal site, For this reason, he insists on the importance of giving credit to his family. With the help of his family, it was essential that he and his wife could buy a house in Brooklyn, where they live with their two young children.

"I think the millennials must give up the story that they have made themselves," said Isaacs. "Hide the many ways they have been privileged by their race or by the help of their parents."

Copyright: 2019 New York Times News Service