A poll on the financial habits of millennials is bringing questions about if millennials, also known as Generation Y, are suffering from the bad luck of entering the workforce during the Great Recession and sky-high tuition or if there is a lack of ambition in the generation. According to a survey conducted by OnePoll for Chartway, 35 percent of millennials relied on their parents to pay at least one bill. To put that in perspective, millennials are typically defined as anyone born from 1981 to 1996, which puts millennials around 42 to 27 years of age. Of that group, nearly a quarter state that their parents help pay rent. Thirty percent stated they would continue to take their parents’ financial assistance until they were cut off. Separate polling has shown that 25 percent of millennials are living at home with their parents and that 1 in 8 recently moved back home during the last couple of years. Thirty-eight percent stated that their parents were charging them rent. Of those living at home, 51 percent said it was to save money, while 39 percent said it was due to high rent. Another study found that many adults in the millennial and Gen Z age groups lack basic life skills like financial literacy. Only 18 percent of adults aged 28-37 could answer “Big three” financial questions correctly, while only 13 percent aged 18-27 could. Thirty-four percent of adults aged 28 through 64 could answer the questions correctly. Furthermore, although 43 percent of adults 18-37 have outstanding student loan debt, 47 percent reported not knowing what their loan repayment bill would be when they signed for the loan.
The information has caused many millennials and Gen Z’ers to be blasted for their “mooching.” Financial guru Dave Ramsey ranted against millennial incompetency on his show recently in response to a December Morgan Stanley analysis that showed adults aged 18-29 were able to afford luxury items by living with their parents. “So, let me get this straight. You live in your momma’s basement, but you got a Coach purse? Here’s what’s going to happen—you cannot avoid life, it’s coming for your butt. Momma can’t protect you,” ranted Ramsey. Hosts on Fox News responded similarly to polls showing 35 percent of millennials relied on parents to pay bills. “If you’re a millennial, your parents are trying to retire, and you’re taking their money like, go out and get a job. It’s really just so disrespectful,” said Lisa Boothe on “The Big Sunday Show.”
The hosts also pointed out polls that show millennials have higher burnout levels and they lack the ability to do certain life skills, like sewing a hole, changing oil, or tying a tie. “Come on, you’re millennials. It’s on YouTube. Watch the video and do it,” said Boothe’s co-host David Webb. Polls have shown that millennials are one of the most anxious generations. A survey conducted by the American Psychiatric Association found that millennials scored the highest in anxiety in all groups, with a score of 51 out of 100. Millennial managers suffer from higher burnout than other groups. New York Post columnist Karol Markowicz, in response to a poll that showed only 16 percent of Gen Z’ers and 36 percent of millennials are proud to live in the United States, stressed that it was important for older generations to not give up on them. “The older generations have to be in the fight,” she wrote, “and can’t just give up on the youth to make that happen.”