Millennials are the first generation to not have things “as good” as the generation before. It is harder to buy a house now, college loan debt is crippling and wage rates are not meeting the cost of living for this generation. Many senior citizens are now having to take care of more than just themselves in their retirement.
Baby boomers and their millennial children are redefining contemporary family dynamics – particularly where finances intersect with parent-child relationships. But what does that mean for advisers?
According to the latest edition of UBS’ Investor Watch survey, as many as 74% of affluent and high-net-worth millennials are receiving some form of financial assistance from their parents. That’s a stark contrast from the 35% of boomers reporting that they too got parental help at a young age.
The survey breaks down the types of support millennials are receiving from their parents, from health insurance to home ownership to living at home. Other surprising findings include that while affluent millennials aren’t happy with their portfolios, a large percentage haven’t reached out to their parents’ advisers for help.
Click through the slideshow for a deep dive into millennial financial habits, as well as additional data from Equifax breaking down their asset allocations. –Maddy Perkins