Millennials Share Financial Struggles in Support of Parents on Reddit
A recent post on the popular subreddit r/Millennials has resonated with a vast audience, igniting a discussion about financial responsibility within families. A user, who identifies as a public sector lawyer in her 30s, opened up by asking, "Anyone else give your parent(s) money every month?" This simple question stirred the emotions of thousands, prompting them to share their experiences and frustrations regarding financial support for their parents.
In her post, the original poster (OP) revealed that for nearly a decade, she has been sending her mother approximately $4,000 each year. Beyond just financial assistance, she also mentioned having gifted her mother a car, contributed towards another vehicle, and provided extra funds during birthdays and holidays. Despite these generous contributions, she stressed that she does not consider herself wealthy, explaining that she financed her law school education through student loans, which she successfully repaid.
She expressed her frustration with her mother's dismissive attitude towards discussions about investments, stating that her mother often claims, "Older people never really invested we didn't have the same opportunities." This sparked a heated debate among Reddit users, many of whom disagreed with her mother's assertion.
One particularly outspoken commenter, a 67-year-old, responded, "We had hella great investing opportunities in our generation. Microsoft? Amazon? Apple? Starbucks? Real Estate? Yeah." This sentiment was echoed by others who pointed out that millennials, despite facing financial challenges, are saving more than boomers did at the same age. They argued that millennials are aware they cannot depend on the previous generation for financial aid, which has led them to be more prudent with their savings.
In contrast, some users noted that while OP's father, who is older than her mother, made consistent investments and planned for the future, her mother accumulated debt through a second mortgage and high credit card usage. This contrast in financial behavior illustrates a broader trend where financial acumen and planning differ significantly between generations.
The discussion soon revealed that the experiences shared by the OP were far from unique. Many commenters recounted their own financial struggles, admitting they also provide monthly assistance to their parents, even when it puts a strain on their own finances. Some users described living with their parents or taking on the responsibility of paying for essential expenses such as rent, car payments, groceries, and phone bills.
In a poignant revelation, a few commenters expressed a sense of obligation to support their parents for the rest of their lives, driven not by wealth but by love and a feeling of guilt. This sentiment underscores the emotional complexities tied to familial financial support, highlighting the challenges that many millennials face as they navigate their own financial futures while caring for their parents.