A majority of younger millennials, ages 24-29, are concerned the coronavirus pandemic is impacting their finances, CNBC reports.
According to a recent TD Ameritrade survey of more than 2,000 young adults, a majority of millennials say the pandemic has altered their plans for financial independence.
Poll results show:
- 57% of young millennials say COVID-19 changed their plans for financial independence.
- 39% of young millennials say they have or are planning to move back in with their parents.
- 15% of young millennials say their parents are paying part of their rent.
- 15% of young millennials say their parents are covering all of their housing costs.
- 82% of young millennials say they don’t want to rely on their parents financially.
According to the survey, most of the young millennials said they expected to become completely financially independent from their parents by the age of 29 before the pandemic hit. A majority of young adults polled said by the age of 28 they felt it was embarrassing to receive financial help from their parents.
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