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More than half of millennials still financially dependent on mom and dad

When it comes to adulthood, millennials are redefining key life and financial milestones.

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Millennial and mom watching TV Despite feeling like an adult at an early age, one in three (38 percent) of young adults don’t believe they should have complete financial independence until 25 or later. (Photo: Shutterstock)

You raise them, you send them off to school, they graduate and now, seemingly more than ever, they want more. According to a COUNTRY Financial Security Index, more than half (53 percent) of Americans aged 21 to 37 receive some kind of financial help from a parent, guardian or family member.

On top of that, more than a third of this group receive money on a monthly basis, and 59 percent get money about twice a year. The money is used for a broad range of things from everyday needs such as phone bills and groceries to rent and health insurance.

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