What age are people financially free?

Millennials who were completely financially independent were 31 years old, on average.

fool.com - When Does the Average Millennial Achieve Financial Independence?

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Growing up. Graduating. Getting a student or secured credit card. Moving out. Getting a job. Somewhere along the way, the drip feed of money coming from your parents’ wallets is bound to dry up -- or is it? If you’re a millennial (born between 1981 and 1997), the answer to that question might not be so simple. Between utility bills, healthy groceries, and remaining connected to the all-powerful internet, staying alive has always been expensive. However, in the face of challenging economic conditions that include lagging wage inflation and sky-high rents, millennials are living a particularly expensive existence on many fronts -- and that’s not to mention that many of them have no retirement savings. That’s where mom and dad come in. We wanted to dig into the nitty-gritty of millennial financial independence and explore the many ways in which this generation is -- or is not -- able to reach this important milestone. Supportive parents In the context of this survey, complete financial independence meant no longer relying on one’s parents as a source of money. By that metric, just 37% of our respondents were considered to be totally off the dole, compared to 63% who remained somewhat dependent.

Millennials who were completely financially independent were 31 years old, on average.

However, a large majority of those who still leaned on mom and dad to help pay their bills weren’t keen on being financially dependent for the long haul: 72% said they wanted to have their parents stop contributing to their expenses as soon as possible, compared to just 28% who were in no rush to cut the cord. In many cases, financial reliance isn’t so much a question of preference as it is a means of survival. It could take the average millennial quite a bit of time to save enough for a down payment on a home -- and that’s assuming he or she is saving a percentage of earned salary each month. Given those numbers and timelines, it’s no wonder that millennials are so eager to get by with a little help from their family. Independence day

Millennials weren’t quite financially independent when getting their first job, on average.

Unsurprisingly, the relationship between our respondents’ financial independence and where they were on a developmental level was essentially linear. We used a scale of 1 (completely financially dependent) to 7 (completely financially independent) to make things simple. It took until their last year of college for our respondents to consider themselves “neither financially independent nor dependent.” Not only that but by the time the average millennial landed his or her first real job, a significant span of time still existed before true independence was achieved. Although receiving financial help while employed full time might seem like a cash grab at first glance, Federal Reserve data show that median millennial salaries are fairly modest across the country, topping out at just over $40,000 in Washington, D.C. The break-even point for our respondents (i.e., when they reached “neither financially independent nor dependent” status) was during their final year of college. Once they got their first job, the average millennial qualified as “financially independent” in a general sense, although not entirely. The budget More than any other expense, 13% of parents paid for their millennial child’s telephone bill in full. Another 10% picked up the tab for auto insurance, and 8% paid for health insurance. Slowly but surely, the cost of the average cell phone plan is increasing due to the rise of the unlimited data plan. Additionally, as of their 26th birthday, millennials are no longer covered under their parents’ insurance plans, according to the Affordable Care Act -- so it’s no wonder these things were among the more popular parental subsidies. One of the only “luxury” items paid for by respondents’ parents were video streaming services, although that might be because multiple users often share the same account. To millennials benefiting from this leniency, we say beware: streaming services may soon start cracking down on freeloading account-sharers. Top 9 Things Parents Only Partially Pay For Groceries: 12% Mortgage/Rent: 8% Auto Insurance: 6% Out-of-pocket Medical Costs: 5% Phone Bill: 5% Toiletries: 5% Health Insurance: 5% Video Streaming Services: 4% Gas: 3% When it came to expenses that were partially subsidized by parents, groceries topped the list at 12%. While cooking at home is a great way to cut down on food expenditures (compared to eating at a restaurant or grabbing takeout), it’s helpful to be aware of the foods that might add a disproportionately high amount to your grocery bill. Confidence is key

71% of financially dependent millennials described themselves as mature.

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Financial status seemed to have a minimal effect on our respondents’ self-confidence. While those who were completely financially independent said they felt mature and driven at higher rates than their completely dependent counterparts, nearly three-quarters of the latter group also identified with those terms. Unsurprisingly, the largest chasm revealed itself with the topic of independence: a whopping 97% of millennials who didn’t rely on their parents for financial assistance said they identified with this trait, while 45% of completely dependent respondents said the same. Pressure’s on As a generation that involved “helicopter parents,” our survey revealed a trend that supports the idea that millennials are pushing back. Only 22% of our respondents said their parents pushed them to become more financially independent, while a much-larger 60% said they were the ones putting themselves in the hot seat. Given how our respondents felt about the state of their financial affairs, it’s not surprising they wanted out as soon as possible: 66% said their situation made them feel dependent, and another 59% felt embarrassed. A similar number of people felt appreciative and guilty, at 46% each. Other common positive sentiments included feeling fortunate and cared for, while negatives took on the form of spoiled, lazy, and immature. But are all of these down-and-out feelings legitimate, or are millennials punishing themselves for no reason? For example, living at home as an adult -- something that 15% of millennials aged 25 to 35 are still doing according to the Pew Research Center -- is something that’s often considered embarrassing in the United States but completely normal in many other countries. In Italy, over 60% of 18- to 29-year-olds live with their parents, and countries like Greece, France, and Spain are all experiencing an increase in the number of young adult children living at home. Budgets and beyond Achieving financial independence has tons of knock-on benefits. It’s the gateway to having more fun, avoiding dire straits should you ever lose your job, and for our respondents, it was also the gateway to confidence in handling personal finances. Across the board, millennials who had fully separated their finances from their parents were more confident in their ability to tackle all areas of personal finance and were less stressed about handling those areas. While both independents and dependents were fairly secure in their budgeting and saving plans, things quickly started to drop off for the latter. Just 58% of dependent millennials felt good about their financial planning abilities, compared to 85% of independents. The area in which financially independent respondents felt the least secure was investing, but dependent respondents were still much further behind (77% compared to 55%). Additionally, less than half of financially dependent millennials felt confident about handling their loan situation (compared to 82% of independent respondents). A question of age Millennials who were completely financially independent in college made an average of $3,421 more per year than those who were completely financially dependent.

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fool.com - When Does the Average Millennial Achieve Financial Independence?

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