Lots of American millennials still depend on the bank of mom and dad — but they also say their parents are bad financial role models

• Many American millennials and Gen Z depend on their parents for money.
• Experian surveyed 2,008 US millennials and Gen Z and found that 54% of them are dependent on their parents.
• About two-thirds of them say they’re ashamed when they have to ask their parents for money.

American millennials and Gen Z are finding it hard to break away from the bank of mom and dad.

More than half — 54% — of American millennials and Gen Z are still financially dependent on their parents, according to a survey from credit bureau Experian released on Monday.

Slightly less than half, or 47%, of millennials surveyed said they are “somewhat or very” financially dependent on their parents. About 60% of those in Gen Z said they depend financially on mom and dad.

Millennials’ financial woes have been well documented, but there are two interesting twists in this study:

1. They don’t feel great asking their parents for financial support. Over two-thirds, or 70%, of millennials said they feel ashamed when they have to ask their parents for financial support. About 60% of the younger cohort feels the same way.
2. They’re asking their parents for financial help, but they don’t agree with their parents’ financial habits. The survey found that 64% of respondents don’t think their parents are good financial role models.

The survey defined millennials as those between the ages of 27 and 42, while those in Gen Z are between the ages of 18 and 26. Experian’s survey is based on online responses from 2,008 adults in the US between 18 to 42 years old conducted between March 31 and April 4. There was an equal number of respondents in both age groups.

Recent data shows Americans between the ages 25 to 34 are living with their parents at rates not seen since 1972 as they save for down payments amid high mortgage rates and high home prices. About 18% of men and 12% of women in the age group were living with their parents in 2022, according to the US Census Bureau.

Meanwhile, a record number of Americans between the ages of 18 and 29 are also choosing to live at home with their parents at a level not seen since the Great Depression — thus freeing up disposable income for splashing out on luxury goods, Insider’s Nidhi Pandurangi reported in December.