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Many millennials still rely on parents for help paying their bills

(NewsNation) — More than one-third of adults still rely on their parents to pay at least one of their bills as inflation sends costs of living higher.

A new poll found many adults still rely on their parents for money. Among millennials, who range in age from 28 to 43, nearly a quarter said their parents still pay their rent.

Finance professor Dan Roccato said inflation is playing a big role, but it’s not the only factor.

“We also have underemployment, where a lot of these young adults, millennials, have great education in many cases, but simply don’t have the job that’s paying them enough to basically be on their own,” he said.

Sometimes, Roccato said, parents go too far in their desire to help their children.

“We as parents have an obligation, we signed up to help our children, you know, through thick and thin. We didn’t sign up for supporting them financially forever, and we’ve got to find that balance between that helping and enabling,” he said.

That’s especially true, Roccato added, when helping adult children means parents are putting their own financial security at risk.

Other bills commonly paid by family include groceries and utilities.