There’s a fascinating article in The Atlantic about the plight of minority millennials. Black and Latino millennials, specifically, are less likely to receive parental financial help, and more likely to give assistance to parents.
Recent polls indicate that a large portion of Millennials receive financial help from parents. At least 40 percent of the 1,000 Millennials (ages 18 to 34) polled in a March USA Today/Bank of America poll get help from parents on everyday expenses. A Clark University poll indicated an even higher number, with almost three-quarters of parents reporting that they provide their Millennial children with financial support. Another survey saw nearly a third of Baby Boomers paying for Millennials’ medical expenses. A quarter of Boomers subsidized “other expenses” so their Millennial offspring could save money. Black and Hispanic Americans are less likely to be the recipients of this type of support.
Ironically, even though black and Hispanic Millennials are less likely to receive financial support from parents, their parents are more likely than white parents to expect their kids to help financially support them later on.
We wonder if this survey will do anything to squash that meme that “if those lazy minorities would just work harder they’d succeed.” Safe money is on “no.”