Amid widespread job losses and sudden financial turmoil in 2020, many adults found a likely safety net: their parents.
A year and a half later, nearly a third of millennials, between the ages of 25 and 40, still receive financial support from their parents, according to a new survey by personal finance site MagnifyMoney.
From paying for their cell phone plan or covering auto insurance, 55% of parents with adult children said they provide financial support to their kids at least occasionally, the report found. MagnifyMoney polled more than 2,000 adults in September.
During the pandemic, the number of adults moving back in with their parents temporarily spiked to a historic high.
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Last year, 52% of millennials were living in their parents' home, according to the Pew analysis of Census Bureau data, surpassing the previous high hit in 1940, when 48% of young adults lived with their parents.
The share of young adults living with their parents jumped across the board for men and women, all racial and ethnic groups and in every geographical region, Pew found.
Further, many of the adults who didn't move back in with their parents still turned to them for monetary support.
According to a separate CreditCards.com poll, almost half, or 45%, of parents with adult children helped their kids financially throughout the coronavirus crisis.