Half of millennials and one-third of Gen Xers are still financially dependent on their parents, according to a new survey.
The finding suggests that financial relationships between aging parents and their aging children may be changing.
By long tradition, young adults have leaned on parents to cover some of their expenses as they launch careers and start families.
But America’s millennials are no longer so young. The youngest are turning 30. Generation X, for its part, now ranges in age from 45 to 61.
In newly released data from Northwestern Mutual’s 2026 Planning & Progress Study, 42% of adults surveyed said they feel financially dependent on their parents. Here’s the breakdown by generation:
- Gen Z (age 29 and younger): 72% dependent on parents
- Millennials: 53% dependent on parents
- Gen X: 33% dependent on parents
Aging adult children are waiting longer to inherit
Americans are having children later and living longer. That means adult children are waiting longer for any inheritance, a traditional gateway to financial independence.
You’re most likely to reap an inheritance between the ages of 56 and 65, according to researchers at the Wharton School of the University of Pennsylvania. And fewer than two-fifths of Americans ever inherit, according to an analysis in the Washington Post.
“The Great Wealth Transfer is real, but an inheritance isn’t something most Americans can rely on,” said Jeff Sippel, chief strategy officer at Northwestern Mutual.
The survey data, released June 1, draws from interviews of 4,375 adults in January.
The Great Wealth Transfer is a projected exchange of $124 trillion, primarily from older to younger generations, by 2048.
