The notion of the empty nest may be a thing of the past for a growing number of parents.
In its second biennial Millennial Money Study, Fidelity finds that 21 percent of older Millennials (those aged 25 – 35) are living at home with their parents, waiting to find a place of their own until they've achieved a stronger financial footing.
But waiting to declare complete financial independence extends beyond those who are living under their parents' roofs. Fidelity's study reveals that nearly half of all millennials surveyed have accepted financial assistance from their folks in one form or another since being on their own, including help with on-going expenses like groceries, utilities and cell phone bills. And it may be ‘paying off.'
Eighty-five percent of Millennials say they currently have some form of savings, a number that's increased since Fidelity's last study was conducted in 2014. They're often paying down student debt, setting aside money for some future rainy day, and saving for retirement – things that are sure to please their parents. Another thing Mom and Dad can be proud of? Sixty five percent of Millennials indicate their parents serve as role models when it comes to building a successful financial future.
See how waiting to fly the coop may be helping Millennials build their own nests.