Study: Millennials lean on their parents for money

RYE BROOK, N.Y. (FOX 5 NY) - Millennials are also known as Generation Y and "Those-living-off-their-parents" generation. A new study could be proving that stereotype to be true.

The study, by the group Money Under 30, says that nearly half of all millennials, defined as being born between 1981 and 1996, are getting money from Mom and Dad when it comes to living at home, buying groceries, and paying their cell phone bill.

Most from Generation Y are suffering from lower salaries, trying to save, a higher cost of living and, of course, that crippling student loan debt, according to Julie Wendholt, a financial adviser from Pell Wealth Partners in Rye Brook, New York.

Wendholt said she tries to tell people to be diligent about paying a set amount toward that student loan for 10 years and find other areas to save money.

"So you can still save while paying off your student loan debt," she said.

But most millennials, according to that study, won't give up their everyday life to pay off loans or pay for essentials. More than 30% say they won't give up buying coffee or lunch, about 20% say they won't give up alcohol or shopping, 9% say friends are too important, and refusing to stop taking taxis and refusing to stop going to the gym are tied at 8%.

"The parents see one side— if they have the means, they want to help, which is great," Wendholt said. "But you also need them to stand on their own two feet and figure things out."

Some tips to save: try not to buy lunch every day and maybe skip that extra cup of joe.