A separate report by Merrill Lynch and Age Wave found that 58% of early adults, which Merrill defines as those between the ages 18 and 34, said they would not be able to afford their current lifestyles without parental support.
That’s true for Whitney Fields, 33. Fields graduated from college in 2007 and received a master’s degree in advertising in 2009. Now she works three jobs, including two side hustles, while also managing a local women‘s networking group to make ends meet.
In 2017, Fields moved into her own apartment in Austin, Texas, and pays roughly $1,200 a month, including utilities. But she still receives regular support from her parents to cover her cellphone, internet and insurance, to the tune of about $250 to $300 a month.
“While I’m very appreciative of the support, there’s a little bit of embarrassment that goes along with that,” she said. Many of her friends, however, are in a similar boat. “You don’t want to admit that our parents are still helping us.”