Who Can Count On Family for Financial Help?

Many Millennials would have a lot of trouble paying an unexpected bill of $1,000, according to a GenForward Survey, which defines Millennials as 18-to-34-year-olds. The bimonthly survey is a project of the University of Chicago and administered by NORC. The survey's purpose is to examine "how race and ethnicity influence how young adults or Millennials experience and think about the world."

Percent saying they would have a lot of difficulty paying an unexpected $1,000 bill
Asians: 28%
Blacks: 50%
Hispanics: 43%
Non-Hispanic Whites: 35%

One factor that would make it difficult for many to pay an unexpected bill is the lack of family resources. When asked whether they could turn to their family for help in paying an unexpected $1,000 bill, the percentage who say yes ranges from a low of 38 percent among Blacks to a high of 64 percent among Asians...

Percent saying they could turn to family for help paying an unexpected $1,000 bill
Asians: 64%
Blacks: 38%
Hispanics: 54%
Non-Hispanic Whites: 56%

Asians also are most likely to say their family could help with a down payment for a new car (51 percent) or house (49 percent). They are also most likely to say their family could help them with college tuition or paying off student loans (58 percent).

Source: GenForward University of Chicago: June 2017 Report