The Cord Not Cut
On average, each millennial parent receives $11,011 per year in combined financial support and unpaid labor, the 2017 TD Ameritrade Millennial Parents Survey found, for an annual total of $253 billion in America.
But there’s a danger in not acknowledging the transfer of wealth (one estimate predicted the boomers will ultimately pass along $30 trillion to their millennial children, whether it’s monthly help with living expenses, free child care or receiving the annual gift exclusion of $15,000 from family members). It creates a distorted idea of what it takes to attain success and what financial milestones are actually achievable if you are starting from zero or less.
Hannah Seligson- NY Times- March 2, 2019