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Study: Millennials Depend On Mom And Dad For Money

An entire generation of cool and amazing people continue to rely on financial help from their boring, out of touch parental figures.

According to the new USA TODAY/Bank of America Better Money Habits survey, 40 percent of millennials admit to still receiving money from their mom and dad.

It's mostly younger Millennials, 18-25, but 22% of 26-34 year-olds say they receive financial help. Incredibly, 20% of millennials married or living with a partner still get an allowance.

Millennials are three times more likely to have taken help from their parents than their parents were at the same age, but mom and dad don't seem angered by having to support their adult children.

30% said it's because their adults kids "really need help" and 23% said it's because they feel like it's their parental duty.

And with rents rising and fewer good-paying entry level jobs available, it is likely that parents will continue to blow their retirement savings on junior for years to come.

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