Most Gen Zers and millennials say they still rely on their parents for money, and they carry a lot of shame about it

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“Do you know how crazy the economy is right now? I mean all my friends get help from their parents,” asks Hannah Horvath in the opening scene of Girls as her parents talk about her “groovy lifestyle” and cut her off financially over a plate of spaghetti. Girls, a 2010s post-recession show about early 20-somethings who exercise a fair level of privilege, garnered millennials a bit of a rough reputation as some characters like Hannah were difficult to root for. But as the series resurges in popularity, its reminder of the difficulties even fairly well-off young adults have in managing their finances still hits a little too close to home. Ten years later, millennials, and now Gen Z, are still turning to their parents for help.

More than three-fourths (77%) of millennials and Gen Zers are still somewhat or very dependent on their parents for money, finds a recent Experian survey that polled more than 2,000 young adults. While they admit that they struggle with some spending habits, it’s also largely a consequence of the economic hand they’ve been dealt—graduating into a recession and its aftermath (the 2008 financial crisis for millennials and the more short-lived coronavirus recession for Gen Z), juggling massive student loan debt, and facing record-high inflation. Even six-figure salaries don’t stretch as far for these young adults anymore.

Gen Zers were more likely to rely on their parents for money, at 61%, while 47% of millennials said the same. That makes sense considering the oldest Gen Zers are still in the beginning of their careers and earning lower-level salaries, while millennials have had a bit more time to make up for lost financial ground. But the fact that a vast majority of the older generation still needs monetary assistance says a lot about how much they’ve been blighted by the economy.

Because even once they have built wealth, they’re still dealing with difficulties. When some millennials could finally afford to buy a home, they were confronted with a more competitive housing market, finding themselves in bidding wars with baby boomers. No wonder previous Experian research found that 68% of younger generations felt the economy was hurting their ability to be financially independent.

But turning to their parents for help is making them feel ashamed, two-thirds of young adults said in the newer Experian survey. Millennials feel this the most, at 70%, compared to 62% of Gen Zers. That shame could be rooted in the well-woven narrative that young adults spend their money frivolously and won’t grow up; consider Dave Ramsey’s take, which is that younger generations living with their parents and spending discretionary income are a “train wreck.” 

Now, millennials and Gen Zers do cop to some poor spending habits, which the Experian report says could be another factor prompting them to rely on their parents. More than half (57%) of millennials and Gen Zers said they struggle with self-control when it comes to impulse purchases, an attitude that is likely the result of lifestyle creep (social media pressuring them to buy what they can’t afford probably isn’t helping). And 61% said that they’d rather spend money on life experiences like concerts and trips than save for retirement.

But little purchases, impulse or not, likely aren’t going to make a dent in housing costs, which past research has found that is one of the main things young adults need financial support for. In fact, many Gen Zers and millennials don’t believe they’ll ever afford their dream future.

Parents have been trying to assuage the difficulties their adult kids face, such as covering at least one monthly bill even if it means dipping into their savings or retirement funds. And young adults, for their part, are trying to find ways to cut costs—57% told Experian that they’re considering cutting down on online entertainment subscriptions.

But it seems as if financial assistance from the ‘rents is helping young adults see a light at the end of the tunnel—some have begun to feel a bit more optimistic about the future.