In a pinch, 14 percent of Millennials would consider becoming a ‘sugar baby’ for a quick $1,000, according to a new report on how different generations borrow money.
Finding a sugar daddy isn’t the first recourse for people born 1981-1997, but Millennials are more likely to consider that option than Generation Xers or Baby Boomers, of whom 7 percent and 3 percent (respectively) would be willing to become a sugar baby.
‘Perhaps it has to do with increased financial pressure that they’re feeling,’ said Tom Dehnel, a creative researcher behind the survey of more than 1,200 Americans by CreditLoan. ‘Perhaps people of the millennial generation are more relaxed when it comes to traditional morals than those of older generations.’
This chart shows what each gender and generation would be willing to do to make a quick $1,000. The survey found 14 percent of Millennials would be willing to be a ‘sugar baby’
Men were more likely to be open to becoming a sugar baby, with 11 percent saying they would consider the option, compared to 9 percent of women.
Overall, Millennials are most likely to borrow money from their mother (70 percent) or father (58 percent), according to the survey.
However, Generation X – people born 1965 – 1980 – tended to borrow the most money from their parents compared to Millennials and Baby Boomers.
For example, Generation Xers borrowed more than $11,000, on average, from their mothers compared to Millennials who would ask for less than $4,500, or Baby Boomers who would take on a maximum average loan of about $5,400.
Millennials were more likely to borrow money for basic necessities, education or rent than Generation X or Baby Boomers – and they tend to ask for more when they take a loan for those reasons.
Millennials were also more than twice as likely to ask for money for a vacation as Baby Boomers.
‘Millennials say they tend to value experiences more than material goods, and our thoughts are that can just be a reflection of the spending priorities of that generation,’ Dehnel said.
Millennials are most likely to ask for money from their parents, with 70 percent reporting they would borrow from their mother. But Millennials are also the generation that would, on average, seek the least amount of money when hitting Mom up for cash
Experts at CreditLoan suggested this could also be because Millennials earn significantly less than their parents did when they were their age – a 2017 report by Young Invincibles found the younger generation made an average of $10,000 less than their parents did when they first started out.
‘It definitely seems like some millennials are having a harder time than their parents did financially,’ Dehnel said.
Millennials are also more likely to live in cities with a higher cost of living, making rent and home ownership more challenging. Millennials who borrow money from their parents to buy a home typically ask for more than $50,000.
Differences are also noticeable by gender. While men and women are both most likely to borrow from their parents, more men are willing to ask mom and dad for cash, while women tend to ask for more money than men. On average, 53 percent of men are willing to ask for a maximum of $5,400 from their father, while 40 percent of women will ask their father for a maximum of about $8,700.
Women are also 7 percent more likely to seek financial help from a romantic partner, compared to men.
Women would also ask their mother-in-law or child for money at about twice the rate of men. They are also more likely to request a loan money for basic necessities, while men are most likely to borrow for their education.
A new survey finds 14 percent of Millennials would consider becoming a ‘sugar baby’ for a quick $1,000 (Models pose in stock photo)