Millennials are their parents’ greatest protégés

Millennials, people between the ages of 19 and 35, now number more than 92 million and comprise the largest generation in American history.

According to Generational Insights, which provides research and consulting services on generational issues to companies and professional organizations, millennials will control $11 trillion by 2030, with an estimated $344 billion in inheritances landing in their laps by 2040. But they are not doing it alone.

“The M-Factor, How the Millennial Generation is Rocking the Workplace,” by Lynne C. Lancaster and David Stillman, notes that when you hire a millennial, you get three for the price of one, because in the background are mom and dad.

Worrying about finances is, by far, the hardest part of being an adult for millennial parents. But the authors suggest parents should allow kids to fail. People learn best and fastest from making their own mistakes and fixing them.

Millennials see themselves as a desirable commodity often worthy of special treatment when they enter the job market. They have a lot to offer but they also expect a lot, from perks to promotions. The Millennials Parent Survey, by T.D. Ameritrade, found the following:

• Nearly half (48 percent) of millennials have delayed parenthood until they were financially secure. Twice as many millennial parents as grandparents (24 percent versus 12 percent) strongly agree that they waited until being financially secure before having children.

• Millennials would have a third child, were it not for the expense. If money were no object, they would have one more child, on average, (three instead of two).

• More than half (54 percent) received support from their parents in the past year. Single parents were more likely to receive support than those in two-parent households (63 percent versus 52 percent).

• Fifty-six percent of millennial parents are grateful for the financial help, while a quarter (26 percent) feel embarrassed. Women are more likely than men to feel grateful (63 percent versus 49 percent).

• Three in 10 (30 percent) get help from “granny nannies.” Millennials with parents who provide primary child care receive 14.3 hours per week, and those with parents providing back-up child care receive 9.2 hours per week. Grandparents’ help with child care and other unpaid labor can save parents up to $300 a week.

The survey also includes 1,000 U.S. grandparents with millennial children, and found that 48 percent of grandparents say their adult child is not completely financially independent from them. However, only 5 percent in the survey said they have an adult child who is completely financially dependent.

Millennials are their parents’ greatest protégés.

Alan P. Weiss is the president of Regent Wealth Management Group in Woodbridge. He is also a CERTIFIED FINANCIAL PLANNER. Readers are reminded that certain investments and investment strategies may not be appropriate for them and that all investments involve risks and uncertainties. Consult an expert of your choosing if you have questions about investments. More information is available at www.regentwealth.com.