Millennial Parents Research - s1.q4cdn.com2 Assumes survey participants are the same as non participants. Note: Percentages may not add up to 100 due to rounding. New England 5% Mid-Atlantic

And The Support Received From Their Parents

Millennial Parents Research

2

TABLE OF CONTENTS

RESEARCH METHOD…………………………………….... .

KEY FINDINGS…………………………………………………

MILLENNIAL PARENT PERSPECTIVE……………………

GRANDPARENT PERSPECTIVE…………………………..

APPENDIX……………………………………………………...

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3

5

7

32

48

This survey was conducted by Head Solutions Group on behalf of TD Ameritrade Holding Corporation.1

The statistical margin of error for the total sample of N=2,018 American adults within the target group is +/- 2.1 %.2 This means that in 19 out of 20 cases, survey results will differ by no more than 2.1 percentage points in either direction from what would have been obtained by the opinions of all target group members in the U.S. Sample was drawn from major regions in proportion to the U.S. Census.

1 Head Solutions Group (U.S.) Inc. and TD Ameritrade Holding Corporation are separate, unaffiliated companies and are not responsible for each other’s products and services.2 Assumes survey participants are the same as non participants.

Note: Percentages may not add up to 100 due to rounding.

New England

5%

Mid-Atlantic

16%

South

26%

Southwest

11%

West

20%

2,018 American adults (half Millennial Parents, half Grandparents with

Millennial Children)

OnlineSurvey

October 20-26, 2016

Average time to complete survey:

18 minutes

Head Solutions Groupon behalf of TD

Ameritrade Holding Corporation1

49% Male

51% Female

Midwest

22%

WHENWHATWHO

CONDUCTED BY

Research Method

Throughout this report, arrows indicate a significant difference between Millennial Parents and Grandparents.

Callouts show significant differences between subgroups noted (i.e. Males and Females, or between Ethnicities) within Millennial Parents (shown in green callouts) or within Grandparents (in yellow), or between a subgroup and the total sample of Millennial Parents or Grandparents.

This study focused on two groups: Millennial Parents (aged 19-37) and Grandparents

(aged 50-70) who have Millennial children

Q35/Q36. Base: All Millennial Parents n=1,004; All Grandparents n=1,014

Millennial Parents: How many children do you have aged 18 or under? Grandparents: How many grandchildren do you have, aged 18 or under, from your

child/children who is/are aged 19 to 37?%

43%

38%

13%6%

29%

24%14%

34%

Average1.9

Average3.4

Four or moreThreeTwoOne

• The average number of children born to Millennial Parents is: 1.9

• Grandparents have 3.4 grandchildren, on average, from one or more Millennial adult children (Grandparents were specifically asked

how many grandchildren they had from children who were Millennials)

Millennial Parents# of Children

Grandparents# of Grandchildren

Key Findings

1. Millennial Parents say they received, on average, $11,011 in financial support or unpaid labor from their parents in the past year, equivalent to approximately $253 Billion across the US

• Half (47%) of Millennial Parents with a living parent received financial support from their parents totalling, on

average, $2,543 in the past year

• Millennial Parents are most likely to receive financial support for meals out and entertainment (30%

receiving, with an average annual value of $235) and for groceries (24%, $423 annually)

• The highest value support is for rent/mortgage payments, totalling $2,033, on average, for those receiving

support

• Furthermore, 7 in 10 (69%) Millennial Parents with a living parent received financial support specifically for their

children totalling $1,632, on average, in the past year

• Half (52%) of Millennial Parents with a living parent received financial support for their children’s toys, to

the value of $172, on average, and for clothes (47%, value of $189)

• Almost 2 in 10 (18%) received support towards college savings in the amount of $1,134, on average, in the

past year

• Most Millennial Parents do not see themselves as reliant on their parents’ financial help. Only 2 in 10 (18%) strongly

agree that they could not afford their current lifestyle without their parents’ help, while over half (54%) strongly

disagree

• Over half (54%) of Millennial Parents receive help with childcare or running the household in a typical week. Single, separated or widowed Millennial

Parents more likely than married parents to be receiving such help (65% vs. 51%)

• Millennial Parents who receive support in the form of Primary childcare (30%) receive 14.3 hours per week, on average. More Millennial

Parents receive support in the form of Back-up childcare (41% receiving, 9.2 hours help on average)

• One quarter (26%) of Millennial Parents agree that they could not afford their current lifestyle if their parents were not helping out by giving time

• Taken together, financial support and unpaid labor equal a value of $11,011 of help for each Millennial Parent, or approximately $253 billion across

the US

Key Findings (continued)

2. Grandparents claim that they provided an adult child with, on average, $4,527 in the last year. That’s $2,000 more than what Millennial Parents admit to. Grandparents are, however, “glad to help”

• Looking at the support provided to adult children (i.e. Millennial Parents) from Grandparents’ perspective highlights

the fact that Millennial Parents may be receiving more support than they realize or admit to:

• Grandparents claim to have provided an adult child with a total of $4,527, on average, in the

past year – that is $2,000 more than the amount Millennial Parents are reporting (i.e.

$2,543).

• Over 4 in 10 (45%) Grandparents are paying for some groceries (yearly average of $898) and

40% are providing support for some meals out/entertainment (yearly average of $632)

• Eight in 10 (81%) Grandparents are providing financial support for their Grandchildren. On average,

this financial support totalled $2,383 in the past year. This represents about $800 more than the

amounts reported by Millennial Parents (i.e. $1,632)

• Three in 4 (75%) Grandparents are “glad to help” and over half (56%) of Millennial Parents are

grateful for the help they receive from their parents. One-quarter (26%) of Millennial Parents are

embarrassed by this financial support

7

Millennial Parent Perspective

If money was no object, Millennial Parents would have 1 more child, on average

Q110/Q130. Base: All Millennial Parents n=1,004

22

44

21

1310

31

25

35

0

20

40

60

1 2 3 4 or more

# children plan to have # children would have if money was no object

%

• Millennial Parents plan to have 2.3 children, on average, compared to 3.3 if money was no object

• Half (47%) of Millennial Parents would have more children than they currently plan to, if money was no object

• Married Millennial Parents plan to have more children on average (2.4) than Millennial Parents who are single, never married (2.0)

Average: 2.3 Average: 3.3

47%

53%

Would have more children than planned

if money was no object

Would not have more children than planned

if money was no object

Married: 2.4

Single: 2.0Stay-at-home: 2.7

Working FT: 2.2

Female: 3.4

Male: 3.1

Millennial Parents

How many children do you plan to have, in total, including any you already have?If money was no object, how many children would you like to have, in total?

Millennial Parents and Grandparents believe it costs a quarter of a million dollars to

raise a child from birth to age 18

Q140. Base: All Millennial Parents n=1,004; All Grandparents n=1,0141. Trimmed Average, excluding top and bottom 5% to reduce impact of outliers2.https://www.usda.gov/wps/portal/usda/usdahome?contentid=2017/01/0004.xml&navid=NEWS_RELEASE&navtype=RT&parentnav=LATEST_RELEASES&edeployment_action=retrievecontent

Arrows indicate a significant difference between Millennial Parents and Grandparents at 95% confidence

2220

14

31

1416

21 21

29

12

0

20

40

$50,000 or less $50,001 to $100,000 $100,001 to $200,000 $200,001 to $500,000 Over $500,000

Millennial Parents Grandparents

%

• Three in 10 (29%) Millennial Parents who have a low household income (up to $50,000) mistakenly believe it costs $50,000 or

less to raise a child to age 18

Average1: $268k Average1:$250k

H Income < $50k: 29%

H Income

$150k+: 43%


In total, how much money do you think it costs to raise a child from birth to age 18?

The U.S. Department of Agriculture (USDA) estimates the cost of raising a child to age 18 is $233,6102

One in 4 (25%) Millennial Parents believe the first year of a child’s life will be the most

expensive stage. Only 1 in 10 (9%) Grandparents agree

Q150. Base: All Millennial Parents n=1,004; All Grandparents n=1,014Arrows indicate a significant difference between Millennial Parents and Grandparents at 95% confidence

16

21

20

7

3

5

28

25

7

4

3

30

28

3

Newborn/infant (0 to 1 years old)

Toddler (2 to 4 years old)

Young child (5 to 10 years old)

'Tween' (11 to 12 years old)

Teenager (13 to 17 years old)

Young adult (18 to 24 years old)

Adults (25 years old+)

Least expensive Most expensive

%

• Half (50%) of Grandparents believe that the Young Adult years (ages 18 to 24) are the most expensive, compared to only

3 in 10 Millennial Parents (28%)

Millennial Parents

23

26

16

4

1

3

27

9

2

2

2

33

50

3

Least expensive Most expensive

Grandparents

Which of the following stages of a child's life do you think is/will be the most expensive? And the least expensive?

Over 8 in 10 (84%) Millennial Parents define their parenting style as “very

involved”

Q170. Base: All, excluding not applicable: Millennial Parents, n ranges from 758 to 999; Grandparents, n ranges from 557 to 995Arrows indicate a significant difference between Millennial Parents and Grandparents at 95% confidence

8475 72 66

2634

19 17

1321 21

24

3933

29 35

2 3 4 7

26 22

30 28

1 3 39 10

21 20

0

20

40

60

80

100

Millennial Parents Grandparents Millennial Parents Grandparents Millennial Parents Grandparents Millennial Parents Grandparents

Very involved Moderately involved Moderately hands-off Completely hands-off

MYSELF MY SPOUSE/PARTNER MY MOTHER/FEMALE

GUARDIAN

MY FATHER/MALE

GUARDIAN

• Three-quarters of Grandparents (who are parents to Millennial Parents), believe that their parenting style is/was “very involved”;

however, only a quarter of Millennial Parents believe that their own parents (26% Mother, 19% Father) were “very involved”

• Females are more likely than Males to see themselves as very involved, for both Millennial Parents (92% vs. 76%) and Grandparents

(89% vs. 59%)

Female: 92%

Male: 76% Female: 64%

Male: 80%

Female: 89%

Male: 59%Female: 82%

Male: 50%

Which of the following best describes youand your spouse/partner's parenting style?

%

Worrying about finances is, by far, the hardest part of being an adult for Millennial

Parents

Q190. Base: All Millennial Parents n=1,004

2

3

7

14

23

51

0 10 20 30 40 50 60

No longer receiving (as much) support/help from my parents

Something else

My job/looking for a job

Looking after/supporting my children

Keeping up my home and other day-to-day responsibilities

Worry/stress about finances and money

• Half of Millennial Parents (51%), including almost two-thirds (64%) of those with a household income of up to

$50,000, say that worrying about finances and money is the hardest part of being an adult. Almost four in 10 (36%) of

those with household incomes of $100,000 or more also worry about finances and money

• Keeping up the home is in a distant 2nd place, at 23%

Millennial ParentsFemale: 58%

Male: 45%

Female: 11%

Male: 16%

Female: 4%

Male: 10%

H Income $150k+: 25%

H Income <$50k+: 64%

H Income >$100k+:36%

Which one of the following do youfind the hardest part of being an adult?

%

Six in 10 (58%) Millennial Parents find earning enough money to support their families

very stressful. Half of Grandparents (48%) are stressed about the same thing


To what extent do you currently find each of the following aspects of your financial life stressful?

58

4746

42

33

48

52

32

41

54

4846

Earning enough to

support myself.my

family

Saving for retirement Saving for a

house/Buying a house

Getting a job/a good

job

Affording college for

myself

Saving for retirement

and, at the same

time, supporting adult

kids

Supporting an adult

child who may not be

earning

anything/enough


an adult child


• Single, separated or widowed Millennial Parents are more likely than those who are married to be stressed about earning enough

to support their family (67% vs. 56%), although the majority of both groups are stressed. Females are more stressed than Males

on the majority of items shown below

• Differences in stress levels by household income are shown on the following slide

Female: 61%

Male: 54%

Female: 53%

Male: 39%

Married: 56%

Single, Separated

or Widowed : 67%

Female: 62%

Male: 41%

Female: 38%

Male: 26%

Female: 46%

Male: 35%

Female: 52%

Male: 44%

Female: 53%

Male: 40%

Female: 63%

Male: 44%

% 8 to 10 on a 10-point scale

Millennial Parents and Grandparents who have a household income below $50,000

are more stressed than average


58

4746

42

33

48

52

32

41

54

4846

Earning enough to

support myself.my

family

Saving for retirement Saving for a

house/Buying a house

Getting a job/a good

job


myself

Saving for retirement

and, at the same

time, supporting adult

kids

Supporting an adult

child who may not be

earning

anything/enough


an adult child


• For each potential item of stress shown below, Millennial Parents who have a household income below $50,000 are more stressed

than Millennial Parents, on average. The same pattern holds true for Grandparents for 6 of the 7 items shown below

• The previous slide discusses the average levels of stress of these items and any differences by gender and marital status

H Income: <

$50k: 73%

H Income:

< $50k: 56%

H Income:

< $50k: 57%

H Income:

< $50k: 50%

H Income:

< $50k: 42%

H Income:

< $50k: 54%

H Income:

< $50k: 67%

H Income:

< $50k: 57%H Income:

< $50k: 49%

H Income:

< $50k: 63%

H Income:

< $50k: 65%

To what extent do you currently find each of the following aspects of your financial life stressful?

% 8 to 10 on a 10-point scale

Three in 10 (29%) Millennial Parents are saving more money now than they did before

having children, while 4 in 10 (39%) are saving less

Q210/211/212. Base: All Millennial Parents n=1,004; All Millennial Parents who save more now than before having children n=296All Millennial Parents who save less now than before having children n=387

Thinking generally about how much you are now able to save (whether that is weekly, monthly, or yearly), is this generally more than you saved before you had children, less, or about the same?

Approximately how much more, or less are you now able to save?

%

29

32

39

I save more now than I did before I had children

I save about the same now as I did before I had children

I save less now than I did before I had children

% More Saved

% Less Saved

45

20 23

93

01020304050

<25% 25% to 49% 50% to 99% 100% to 199% 200% or more

28

19

27

1510

0

10

20

30

<25% 25% to 49% 50% to 69% 70% to 89% 90% to 100%

Average: 48%

Average: 45%

• If saving more than before having children, on average Millennial Parents are saving 48% more

• If saving less, Millennial Parents are saving 45% less

Stay-at-home: 48%

Millennial Parents

36

21

12

5

13

8

7

5

9

13

5

10

6

13

5

9

2

6

5

10

6 7 8 9 10

Disagree completely

Agree completely

Grandparents

Millennial

Parents

8 to 10: 24%

Disagree completely

8 to 10: 12%

Agree completely

1 to 3: 34%

1 to 3: 61%

6 7 8 9 101 2 3 4 5

1 2 3 4 5

To what extent do you agree or disagree with the following statement:I waited until I was financially secure before having children

%

Six in 10 (61%) Grandparents say they did not wait until they were financially secure

before having children. This has dropped dramatically to a third (34%) of Millennial

Parents

Q325. Base: All Millennial Parents n=1,004; All Grandparents n=1,014

• Twice as many Millennial Parents than Grandparents (24% vs. 12%) strongly agree that they waited until being financially

secure before having children

• Millennial Parents with 3 or more children are less likely than Millennial Parents as a whole to agree that they waited

until they were financially secure to have children

3+ children: 16%Female: 42%

Male: 26%



Three in 10 Millennial Parents (32%) and Grandparents (27%) wish they were more

financially secure when they first had children

Q330. Base: All Millennial Parents n=1,004; All Grandparents n=1,014Arrows indicate a significant difference between Millennial Parents and Grandparents at 95% confidence. Multiple responses allowed

Looking back to when you first became a parent, do you now wish that you had first become a parent at a different time in your life, such as any of the following?

32

22

18

16

13

34

27

13

14

18

8

46

0 5 10 15 20 25 30 35 40 45 50

I was more financially secure

I had a higher income

I was younger

I was older

I had a more secure job

None of the above

Millennial Parents GrandparentsI wish…

• A fifth (22%) of Millennial Parents wished they had had a higher income when they first had children

• Grandparents who are single (never married), separated or widowed are more likely than those who are married to wish

they had waited until they were more financially secure (36% vs. 24%)

Female: 38%

Male: 26%

Female: 15%

Male: 21%

Married: 37%

Single, Separated

or Widowed : 22%

Married: 24%

Single, Separated

or Widowed : 36%

H Income <$50k: 40%

%

Three in 4 (78%) Millennial Parents are optimistic and believe that in 25-30 years’ time

they will be as financially secure or more secure than their parents are now


In 25 to 30 years' time, do you expect that you will be more financially secure than your parents/guardians are now, less financially secure, or about the same?

I expectI will be…

…in 25-30 years than my parents/guardians are now

Millennial Parents%

32

24

22

10

67

Much more financially secure

Slightly more financially secure

As financially secure

Slightly less financially secure

Much less financially secure

I don't know

78% expect to be at least

as financially secure as

their parents are now

Seven in 10 (68%) Millennial Parents believe themselves to be completely financially

independent from their parents


Which of the statements below best describes the extent to which you are financially independent from your parents/guardians?

68

27

4 1

I am completely financially independent from my

parents/guardians – they do not support me financially in

any way and will not need to in the foreseeable future

I am somewhat financially independent from my

parents/guardians – they provide occasional financial support that

helps me make ends meet/helps me get closer to my financial goals

I am somewhat financially dependent on my parents/guardians –

they provide regular financial support that helps me make ends

meet/helps me get closer to my financial goals

I am completely financially dependent on my parents/guardians –

they pay for all/most of my essential expenses such as

rent/mortgage, food, travel costs and debt payments

Millennial Parents

• Married Millennial Parents are more likely than those who are not married to be completely financially independent of

their parents (71% vs. 55%)

Married: 71%

Single, Separated or

Widowed: 55%

Married: 25%


Widowed: 35%

Married: 3%


Widowed: 8%

%

The average age of financial independence for Millennial Parents is 25, with Females

outperforming Males

• Asian Millennial Parents are more likely than Latino or Hispanic, African-American and Caucasian parents to believe they

will never be completely financially independent from their parents (26%, 13% ,8% and 9%, respectively)

Millennial Parents

At what age did you become, or expect to become, completelyfinancially independent from your parents/guardians?

24.626.4

9

26

8

13

Caucasian

Asian

African-American

Latino or Hispanic

0 10 20 30

25.5

% “I never expect to become financially independent

Average (years)

Q410. Base: All Millennial Parents (n=1,004)

Almost 6 in 10 (57%) Millennial Parents with a living parent currently receives support

from parents to help them save money

Q415. Base: All Millennial Parents with at least one living parent or guardian n=904

Do your parents/guardians currently help you save money in any of the following ways?

43

6

9

9

10

10

12

15

16

27

0 10 20 30 40 50

None of the above

Allowing me/my family to vacation in their secondary home

Allowing me/my family to live in their home

Providing loans of money (e.g. for a house, car, paying off debt, etc.)

Paying for my/my family's cell phone/allowing us to be part of their family plan

Sharing internet subscription accounts with me/my family (e.g. Spotify, Netflix, Amazon Prime)

Paying for emergency/unexpected expenses

Giving me/my family cash

Buying me/my family gifts (outside of birthdays/regular celebrations)

Providing babysitting/childcare for my children

• The most frequently received form of support is babysitting or childcare, received by 27% of Millennial Parents with a living parent

• One in 10 (10%) Millennial Parents with a living parent shares one or more of their parent’s internet subscriptions, and 1 in 10 (10%)

also have their cell phone bills covered by their parents

• Married Millennial Parents are more likely than those who are single (never married) to say they did not receive any of the support

listed below (46% vs. 32%)

Female: 33%

Male: 22%

Married: 11%; Single: 18%




Millennial Parents%

57% receive some

help to save money

Almost half (47%) of Millennial Parents with a living parent received, on average,

$2,543 in financial support in the past year

• Married Millennial parents are less likely than single, separated or widowed parents to receive support (44% vs. 59%), but if they

receive support, they receive a higher value on average ($2,752 vs. $1,887)

• Rent/mortgage payments receive the highest value of support on average ($2,033 if received). The highest number of Millennial

Parents receive support for meals out and entertainment (30% receiving, with an average annual value of $235)

Note: These $ values are mean values based on all respondents (excluding a small number of clear outliers) and are significantly higher than the median values. This means that the distribution of the data is skewed: most Millennial Parents receive less support than the mean value, but there is a small number who receive substantially more than the mean

Please think about the financial support you have received, if any, from your parents/guardians in the last year. For each item below please estimate the $ value of

support received from your parents/guardians in the past year

$47

$48

$61

$71

$84

$87

$98

$103

$121

$124

$355

$1,198

0 200 400 600 800 1000 1200 1400

Cell phone payments for yourself/sharing a cell phone plan

Gas/travel expenses

Utility bills

Meals out/entertainment

Credit card payments

Health insurance/medical-related expenses

Student loan payments

Groceries

Vacations

Car/motor vehicle payments

Rent/mortgage payments

TOTAL

Millennial Parents

% receiving some support

Average $ received (if support received)

15% $2,033

18% $665

14% $787

24% $423

15% $519

12% $625

14% $600

30% $235

15% $408

20% $246

18% $262

47% $2,543

Married: 44%

Single, Separated

or Widowed: 59%

Married: $2,752

Single, Separated

or Widowed:

$1,887

$ Average


Seven in 10 (69%) Millennial Parents with a living parent say they received financial

support for their children totalling $1,632, on average

Please think about the financial support your parents/guardians have provided for your children in the last year. For each item below please estimate the $ value of support

received from your parents/guardians in the past year

• Support received for college savings is highest, on average, at $1,134, if support received. However, Millennial Parents are most

likely to have received support for their children in the forms of toys (52% receiving, $172 received on average) and clothing

(47%, $189 on average)

Millennial Parents$ Average


$21

$22

$47

$59

$64

$69

$76

$84

$88

$89

$91

$96

$118

$205

$1,129

0 500 1000 1500

Cell phone payments for children/sharing cell phone plan

Allowance/payment for chores

Extra-curricular lessons (e.g. sport lessons, musical lessons)

School expenses (e.g. school supplies, school clothes, outings)

Non-cash gifts

Private school tuition

Daycare or preschool fees (pre-Kindergarten)


Clothing

Toys

Cash gifts

Vacations

Car-related (e.g. car loan payments, giving/buying a car)

College savings

TOTAL

% receiving some support

Average $ received (if support received)

18% $1,134

16% $527

10% $1,151

33% $274

47% $189

52% $172

11% $671

29% $218

14% $340

13% $173

11% $185

37% $226

9% $750

21% $236

69% $1,632


In total, over half (54%) of Millennial Parents report having received financial support

from their parents in the past year. Those receiving support received, on average, $2,425

Q430. Base: All Millennial Parents with a living parent n=904

In total, how much financial support, if any, have you and your family received from your parents/guardians in the past year? And in the past 5 years?

46%

27%

9% 9%4% 4%

0%

10%

20%

30%

40%

50%

$0 $1 to $500 $501 to $1,000 $1,001 to £3,000 $3,001 to $5,000 $5,000 or more

41%

15%

9%13%

8%14%

0%

10%

20%

30%

40%

50%

$0 $1 to $500 $501 to $1,000 $1,001 to $3,000 $3,001 to $5,000 $5,000 or more

Support Received in Past Year

Support Received in Past 5 Years

Average: $1,310

Average: $5,220

Average if support received: $2,425

Average if support received: $8,820

Millennial Parents

• Six in 10 (59%) Millennial Parents received financial support over the past 5 years -- $8,820, on average (if received)

• Married Millennial Parents are more likely than those who are single (never married) to have received no financial support in

the past year (48% vs. 37%) and in the past 5 years (43% vs. 31%)

Married: 48%

Single: 37%

Married: 43%

Single: 31%

% Averages rounded to nearest $5

Half (52%) of Millennial Parents receiving financial support from their parents were

offered money without asking for it

Q435. Base: All Millennial Parents receiving some financial support from parents/guardians n=540

Did you ask for the financial support your parents/guardians provided or did they offer it?

11

52

35

2I asked for my parents' financial support

I did not ask for my parents' financial support – he/she/they offered it

It was a mix – I asked for some and they offered some

I don't know

Millennial Parents

%

Over half (56%) of Millennial Parents with a living parent are, or would be, grateful for

any financial help received from their parents


How do you, or would you, feel about receiving financial support and/or cash gifts from your parents?

10

2

11

17

20

20

22

26

36

56

0 10 20 30 40 50 60

None of the above

Angry

Overjoyed

Ashamed

Valued

Relieved

Indebted

Embarrassed

Loved

Grateful

• Female Millennial Parents are more likely than Males to feel grateful (63% vs. 49%)

• One-quarter (26%) of Millennial Parents are, or would be, embarrassed by receiving financial support

Female: 63%

Male: 49%

Female: 25%

Male: 16%

Millennial Parents

%

Over half (54%) of Millennial Parents receive help from parents with childcare or

running the household in a typical week

Typically how many hours a week, if any, do your parents/guardians help you and your family with any of the following tasks?

2.6

2.6

3.2

3.8

4.3

16.4

0.0 5.0 10.0 15.0 20.0

Shopping and errands

Cleaning/household tasks/repairs

Cooking/meal preparation

Back-up childcare/babysitting

Primary childcare

TOTAL

Average

• Single, separated or widowed Millennial Parents are more likely than married Millennial Parents to receive support (65% vs. 51%)

• Two-thirds (67%) of Latino/Hispanic Millennial Parents receive support for childcare or running the household in a typical week

• Millennial Parents who receive support in the form of Primary childcare (30%) receive 14.3 hours per week, on average. More

Millennial Parents receive support in the form of Back-up childcare (41% receiving, 9.2 hours help on average)

Millennial Parents

% receiving at least one hour of help

Average hours of help (if help received)

30% 14.3

41% 9.2

30% 10.7

24% 10.6

25% 10.3

54% 30.5

Married: 51%

Single, Separated or Widowed : 65%

Latino/Hispanic*: 67%

Q450. Base: All Millennial Parents with at least one living parent or guardian n=904* Small base (n=94)

Four in 10 (38%) Millennial Parents receive support with bringing up their children to

the tune of 27 hours a week, on average

And how many hours a week do your parents/guardians help you and your familywith any of the following tasks?

1.8

1.8

2.1

2.3

2.3

10.3

0.0 5.0 10.0 15.0

Taking your children to school

Taking your children to after-school events

Helping your children with homework

Teaching your children skills (e.g. sports, cooking, music, art)

Before or after-school child-care

TOTAL

• Single, separated or widowed Millennial Parents are more likely than married Millennial Parents to receive help bringing up their

children (51% vs. 35%)

• Millennial Parents are most likely to have received help with teaching skills to their children (27% receiving, 8.5 hours on average)

% receiving at least one hour of help

Average hours of help (if help received)

24% 9.9

27% 8.5

22% 9.5

22% 8.1

20% 8.7

38% 27.0

Millennial ParentsMarried: 35%


Widowed: 51%

Average


Millennial Parents estimate that in a typical week the number of hours of unpaid help

they receive from their parents represents a dollar value of $300, on average

Thinking in total about the hours your parents/guardians spend helping you and your family in a typical week, what value in dollars

do you estimate this represents?

11

26

17

14

16

18

$0 $1 to $50 $51 to $100 $101 to $200 $201 to $500 $500 or more

Average: $300

Millennial Parents%

For 48 hours of help, on average

$6.25 per hr.

Q460. Base: All Millennial Parents with at least one living parent or guardian who provides at least one hour of help (n=503)

Taken together, financial support and unpaid labor equal a value of $11,011 of help for

each Millennial Parent, or approximately $253 billion across the US

1. Unpaid labor is estimated as $300 value per week, on average, from all receiving at least one hour of help (503 Millennial Parents), Re-calculated to include the Millennial Parents who receive 0 hours help = $167 (i.e. $300 x 503 Millennial Parents receiving help / 904 Millennial Parents with living parents = $167).

2. Taken from table A3, http://www.census.gov/hhes/families/data/cps2013A.html there were approximately 26 million US adults aged 19 to 37 with children under 18 in 2013. From our survey, 90% of Millennial Parents have a living parent. 90% x 26 million =23.4 million, rounded down to 23 million for a conservative estimate

$1,198 annual financial support to Millennial Parents

+ $1,129 annual financial support for grandchildren

+ $1671 weekly unpaid labor x 52 weeks

= $11,011

There are approximately 23 million2

Millennial Parents with living parents

in the US

$11,011 x 23 million =

$253 billion per year

23

36

8

11

7

6

5

5

12

8

11

6

9

9

8

4

5

4

13

10

6 7 8 9 10

Disagree completely

Agree completely

One in 5 (18%) Millennial Parents who receive financial support from parents believe

they could not afford their current lifestyle without it

Q325. Base: All Millennial Parents receiving financial support from parents/guardians (n=540), receiving time support from parents/guardians (n=503)

To what extent do you agree or disagree with the following statements:

I could not afford my current

lifestyle if my parents were not

helping me out financially

8 to 10: 18%

Disagree completely

7 8 9 10

8 to 10: 26%

• One quarter (26%) of Millennial Parents agree that they could not afford their current lifestyle if their parents were not

helping out by giving time, including 35% of Millennial Parents who are single (never married)

Agree completely

1 to 3: 54%

1 to 3: 37%

I could not afford my current

lifestyle if my parents were not

helping me out by giving time

and/or labor

Married: 24%

Single: 35%

%1 2 3 4 5

1 2 3 4 5

32

Grandparent Perspective

Half (52%) of Grandparents consider that their adult child is completely financially

independent from them. Only 5% have an adult child who is completely financially

dependent

Q500. Base: All Grandparents n=1,014

52

29

14

5 My adult child is completely financially independent from me/my

spouse/partner – I/we do not support him/her financially in any way

and will not need to in the foreseeable future

My adult child is somewhat financially independent from me/my

spouse/partner – I/we provide occasional financial support helps him/her

make ends meet/helps his/her get closer to his/her financial goals

My adult child is somewhat financially dependent on me/my

spouse/partner – I/we provide regular financial support that helps

him/her make ends meet/helps his/her get closer to his/her financial goals

My adult child is completely financially dependent on me/my

spouse/partner – I/we pay for all/most of his/her essential expenses

such as rent/mortgage, food, travel costs and debt payments

Grandparents

Which of the statements below best describes the extent to which your adult child is financially independent from you and your spouse/partner (if applicable)?

%

Four in 10 (41%) Grandparents with more than 1 adult child state that the most

financial support goes to their youngest child and the same number says the most

goes to a female child

Q505/Q506. Base: All Grandparents with more than one adult child n=745

Which adult child do you provide the most financial support to?What is the gender of the child you provide the most financial support to?

14

17

41

6

22

My oldest child

My middle child/one of my middle children

My youngest child

I provide financial support to all my children equally

I do not provide financial support to any of my children

34

41

4

21

Male

Female

I provide financial support to all my children equally

I do not provide financial support to any of my children

Grandparents

%

One third (33%) of Grandparents are helping their adult child pay the bills and the

same proportion (32%) is giving cash gifts for special events


Are you and your spouse/partner (if applicable) providing your adult child with financial support in any of the following ways?

28

6

13

18

18

20

21

32

33

0 5 10 15 20 25 30 35

None of the above

Put money towards a home down payment or mortgage payments

Help to pay off debts

Pay for your grandchildren's sports/recreational activities

Help to purchase a car/giving him/her a new or used car

Pay for unexpected expenses for your grandchildren (e.g. braces)

Cash gifts for no special reason

Cash gifts for special events (e.g. a wedding, a birthday, etc.)

Help to pay bills

• Two in 10 (20%) Grandparents are paying for unexpected expenses for their grandchildren (e.g. braces)

• Grandparents are also helping children pay off debts (10% for female children, 17% for male children)

Female: 36%; Male: 29%



Grandparents%

Three in 4 (75%) Grandparents believe they have provided financial support to their adult

child in the past year, to the tune of $4,527, on average

Please think about the financial support you/your spouse/partner (if applicable) have provided, if any, to your adult child and his/her family in the last year. For each item

below please estimate the $ value of support you have provided, in total, in the past year

$137

$156

$192

$203

$214

$228

$251

$382

$406

$448

$775

$3,393

0 1000 2000 3000 4000

Utility bills

Cell phone payments for your adult child/sharing a phone plan

Gas/travel expenses

Vacations

Credit card payments

Health insurance/medical-related expenses


Student loan payments

Groceries

Car/motor vehicle payments

Rent/mortgage payments

TOTAL

• The categories with the highest dollar value of support on average across all Grandparents are rent/mortgage payments ($775, or

$3,462 on average, if received) and car/vehicle payments ($448, $2,239, if received).

• The categories where the highest number of Grandparents provide support are groceries (45%), and meals out/entertainment (40%)

% providing some support

Average $ provided (if support provided)

22% $3,462

45% $898

20% $2,239

10% $3,758

18% $1,270

40% $632

10% $2,051

18% $1,120

32% $604

29% $547

22% $607

75% $4,527

Grandparents$ Average



Eight in 10 (81%) Grandparents say they have given financial support for their

grandchildren in the past year totalling, on average, $2,383

Please think about the financial support you/your spouse/partner (if applicable) provide for your grandchild/ grandchildren, either directly, or to your adult child to be used for your grandchild/ grandchildren. For each

item below please estimate the $ value of support you have provided, in total, in the past year

$16

$21

$39

$46

$67

$112

$126

$127

$155

$168

$169

$196

$234

$452

$1,929

0 500 1000 1500 2000 2500

Allowance/payment for chores

Cell phone payments for your grandchildren/sharing a plan

Car-related (e.g. car loan payments, giving/buying a car)

Private school tuition

Extra-curricular lessons (e.g. sport lessons, musical lessons)


Vacations

School expenses (e.g. school supplies, school clothes, outings)

Cash gifts

Daycare or preschool fees (pre-Kindergarten)

Non-cash gifts

Toys

Clothing

College savings

TOTAL

% providing some support

Average $ provided(if support provided)

19% $2,337

58% $340

55% $428

39% $432

42% $371

6% Base too small

16% $794

14% $484

3% Base too small

6% Base too small

10% $157

27% $477

38% $297

1% Base too small

81% $2,383

• The category with the highest dollar value of support on average, is college savings ($452, or $2,337 on average, if received),

whereas the categories where the highest number of Grandparents provide support are toys (58%, $340, if received) and clothing

(55%, $428)

Grandparents$ Average

Note: These $ values are mean values based on all respondents (excluding a small number of clear outliers) and are significantly higher than the median values. This means that the

distribution of the data is skewed: most Millennial Parents receive less support than the mean value, but there is a small number who receive substantially more than the mean


Grandparents who provided financial support to their adult child estimate that they

have provided $4,000 in the past year and $15,780 in the past 5 years


In total, how much financial support, if any, have you and your spouse/partner (if applicable) provided to your adult child and his/her family in the past year? And in the past 5 years?

%. Averages rounded to nearest 5%

27

1513

19

1214

0

5

10

15

20

25

30

$0 $1 to $500 $501 to $1,000 $1,001 to $3,000 $3,001 to $5,000 $5,000 or more

24

5 4

14 12

41

0

10

20

30

40

50

$0 $1 to $500 $501 to $1,000 $1,001 to $3,000 $3,001 to $5,000 $5,000 or more

Support Provided in Past Year

Support Provided in Past 5 Years

Average: $2,910

Average: $12,000

Average if support provided: $4,000

Average if support provided: $15,780

• One in 5 (21%) Grandparents with a household income of $100,000 or more has provided $5,000 or more in financial support in the

past year, and half (53%) have provided that amount in the past 5 years

Female: $9,875; Male: $14,385

Female: $6,815; Male: $9,255

H Income <$50k: 7%


H Income <$50k: 30%


Grandparents

Four in 10 (40%) Grandparents providing support say their adult child did not ask for

financial support

Q535. Base: All Grandparents providing some financial support n=737

Generally, did your adult child ask for this financial support or did you and your spouse/partner (if applicable) offer it?

16

40

43

2My adult child asked for my financial support

My adult child did not ask for my financial support – I/we offered it

It was a mix – my adult child asked for some financial support and

I/we offered some support

I don't know

Grandparents%

• It was shown previously (slide 38) that 52% of Millennial Parents receiving report said that they did not ask for it

Over 8 in 10 (84%) Grandparents providing support state they are not their adult

child’s primary means of support/source of income


Are you your adult child's primary means of support/source of income?

15

84

1

Yes

No

I don't know

Grandparents%

Nine in 10 Grandparents always know (56%) or usually know (36%) how the financial

support provided will be used


Thinking generally of when you and your spouse/partner (if applicable) provide financial support to your adult child or grand-child/grand-children, do you know what the money is being used for?

5636

6 2

Yes, I/we always know how the financial support I provide will

be used

Yes, I/we usually know how the financial support I provide will

be used

No, I/we usually don't know how the financial support I

provide will be used

No, I/we never know how the financial support I provide will

be used

Grandparents%

Four in 10 (43%) Grandparents providing financial support do so because it makes

them happy, and gives their children/grandchildren a better quality of life than they

would otherwise be able to afford

Which of the following are reasons why you and your spouse/partner (if applicable) provide financial support to your adult child and/or grand-child/grand-children?

16

19

20

24

35

40

43

0 5 10 15 20 25 30 35 40 45 50

Other reasons

My parents provided me with financial support; it is only fair I/we do the same for

my/our family

It is unfair that the generation of my adult child is struggling

I/we want to see them enjoy my money while I'm/we're alive, rather than when

I'm/we're no longer around

They wouldn't be able to cope without my/our support

I/we want them to have a better quality of life than they would otherwise be able

to afford

It makes me/us happy

• Just over a third (35%) provide this support because they believe their child would not be able to cope without the support

Q545. Base: All Grandparents providing some financial support n=737Multiple responses allowed

Grandparents%

Two in 10 (22%) Grandparents providing financial support to their adult child cite

happiness (“It makes me happy”) as the single most important reason for providing

the support

Which of the following statements best describes your most important reason for providing some financial support to your adult children?

11

2

3

3

6

7

7

18

22

22

0 10 20 30

Another reason

My adult child doesn't want to move out/move away on their own

I/we don't want to push my adult child out of the house/away from me/us

I've/we've always paid some of my adult child's bills (e.g. cell phone) so I/we keep

doing so to help

My parents provided me with financial support; it is only fair I/we do the same

for my/our family

It is unfair that the generation of my adult child is struggling financially

I/we want to see them enjoy my/our money while I'm/we're alive, rather than

when I'm/we're no longer around

I/we want them to have a better quality of life than they would otherwise be able

to afford

My adult child wouldn't be able to cope without my/our support

It makes me/us happy

• Also, 22% say that the most important reason for providing support is that their adult child would not be able to cope without it


%Grandparents

Three-quarters of Grandparents are glad that they can help out financially

Q550. Base: All Grandparents, n=1,014. Multiple responses allowed

How do you, or would you, personally feel about providing financial support to your adult child?

10

2

3

3

5

7

13

16

20

20

75

0 10 20 30 40 50 60 70 80

None of the above

Ashamed

Embarrassed

Angry

Resentful

Overjoyed

Taken for granted

Proud

Valued

Loved

Glad you could help

Grandparents%

Half (47%) of Grandparents have made some sacrifices to help their adult child or

grandchildren, with the most likely being using some/all of their savings (27%) and

cutting back on meals out/entertainment (22%)

Q560. Base: All Grandparents, n=1,014. Multiple responses allowed

Have you or your partner/spouse (if applicable) had to make any of the followingcompromises to help support your adult children and/or your grand-children?

53

3

4

4

4

5

6

7

8

14

15

22

27

0 20 40 60

None of the above

Downsize your home

Sell any of your possessions

Move closer to your adult child/not move away

Spend less time with your spouse

Take on an extra job

Cut back on the number/value of cars in your household

Spend less time with your friends

Postpone retirement

Find ways to make more money

Spend less time enjoying life

Cut back on meals out/entertainment

Use some/all of your savings

• Almost 1 in 10 (8%) Grandparents have postponed their retirement in order to help their adult child or grandchildren

47% have made at least

one compromise

Working full-time: 12%

Grandparents%

One in 5 (18%) Grandparents providing financial support expect they will continue

providing it to their adult child for the rest of their life – half (49%) see the support as

temporary

To what extent do you agree or disagree with the following statement:I expect to continue providing financial support to my adult child for the rest of my life

26 11 12 8 11 9 5 7 3 7

Disagree completely

Agree completely

8 to 10: 18%

6 7 8 9 101

1 to 3: 49%

Grandparents

2 3 4 5

%


One-quarter (24%) of Grandparents say that a car is the most extravagant gift they

purchased for their adult child, followed by a vacation (13%)

Q590. Base: All Grandparents, n=1,014

What is the most extravagant gift that you have bought for your adult child since he/she turned 18?

44

6

2

3

3

5

13

24

0 10 20 30 40 50

I haven't bought my adult child any extravagant gifts since he/she turned 18

Something else

Jewelry

Home renovations

A home

Luxury goods (e.g. fashion, technology)

A vacation

A car/motor vehicle

• Four in 10 (44%) Grandparents have never bought an extravagant gift for their adult child

Female: 19%; Male: 30%%Grandparents

Appendix

Survey sample characteristics

Base: All Millennial Parents, n=1,004; Grandparents n=1,014

5

15

25 23

11

21

5

16

2722

11

18

New England Mid-Atlantic South Midwest Southwest West

Region

1912

36 32

0

26 2228 22

1

High school

or less

Technical

degree

Undergraduate college

degree

Graduate/Professional

degree

Prefer not to answer

Education

28 23 17 292

28 21 18 295

Less than $50k $50k-$74.9k $75k -$99.9k $100k + Don't know/ Prefer

not to answer

Household Income

Marital Status

14

81

5 02

76

166

Single, never

married

Married/ Common

law

Separated/

Divorced

Widowed

50 504753

Male Female

Gender

% Millennial Parents Grandparents

70

12 10 8 4 1

88

3 4 6 4 0

Caucasian Asian Latino or Hispanic African-American Others Prefer not to say

Ethnicity

5

19

4234

16

31 3122

19 to 24 25 to 29 30 to 34 35 to 37 50 to 54 55 to 59 60 to 64 65 to 70

Age

Millennial Parents Research - s1.q4cdn.com2 Assumes survey participants are the same as non participants. Note: Percentages may not add up to 100 due to rounding. New England 5% Mid-Atlantic

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