Prince Harry and Duchess Meghan of Sussex have a lifestyle that’s beyond what most Americans can imagine. But their struggle to break away from their family – and its financial control – is close to home.
About one in six Americans say they receive financial support from their family members, including one-third of millennials, according to Northwestern Mutual’s 2019 Planning & Progress study.
“It's often some sort of life event that gets them to trigger that independence,” such as getting married, says Troy Frerichs, vice president of investment services at Country Financial. “It's awkward for American families, and it's awkward for royals, too,” says Chantel Bonneau, wealth management adviser at Northwestern Mutual. “I have many clients who are 21, 30, 40 years old who say, ‘My parents still pay for my cellphone,’ or ‘My parents will give me a down payment for a house, but then they have a say in the location of the house and the style.’ It's a double-edged sword.
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