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MSN News
If your parents
are still paying your bills, you're not alone
Akane Otani, Bloomberg
Jordana Gilman, a 24-year-old Ivy League graduate, is studying to be a
doctor at SUNY Upstate Medical University. She has worked part-time
jobs since she was 15 years old, balancing babysitter, restaurant
hostess, and camp counselor gigs with heavy course loads to save money
and carve out a little bit of financial independence. Yet as an adult
living away from home, she gets an occasional check from her parents to
cover the cost of groceries, movie tickets, and meals out.
Quotes in the article
SLM Corp
"I feel embarrassed that I can't support myself," Gilman says, adding
that she's "immensely grateful" for the help. Her investment in medical
school left her strapped for cash and time, she says, and it would be
nearly impossible to make ends meet without her parents supplementing
her income.
Gilman has plenty of company. In 2015, 36 percent of parents said in a
poll published this week that they expect to support their child for
more than two years after graduation, up from 18 percent the year
before. More than 16 percent think that arrangement will last more than
five years, according to the poll, conducted by massive education
lender Sallie Mae. According to a report published last month by Bank
of America, 40 percent of millennials regularly receive financial
assistance from their parents. Financial advisers have taken to warning
clients their grown children may destroy their hope for a secure
retirement...
Read the rest of the article at MSN News
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