More than half of millennials still financially dependent on mom and dad

You raise them, you send them off to school, they graduate and now, seemingly more than ever, they want more. According to a COUNTRY Financial Security Index, more than half (53 percent) of Americans aged 21 to 37 receive some kind of financial help from a parent, guardian or family member.

On top of that, more than a third of this group receive money on a monthly basis, and 59 percent get money about twice a year. The money is used for a broad range of things from everyday needs such as phone bills and groceries to rent and health insurance.

Related: Millennials have different views about retirement, longevity, finances

And as if mom and dad haven’t done enough, 35 percent of millennials are opting to live at home. “We are seeing more and more Americans living with their parents, but this should not necessarily be viewed as a negative thing as long as there are clear fiscal goals in place,” says Doyle Williams, an executive vice president at COUNTRY Financial. “Take simple steps such as building an emergency fund, saving for a down-payment on a home and staying focused on your long-term goals. Doing so will ensure you don’t rely on your parents forever, while enabling you to build financial independence.”

When it comes to adulthood, Americans are redefining key life and financial milestones.

For nearly a quarter (23 percent), adulthood begins at age 18, the moment when they are legally considered adult, while one in five (19 percent) believe this transition from childhood begins at the legal drinking age of 21.

Despite feeling like an adult at an early age, one in three (38 percent) don’t believe they should have complete financial independence until 25 or later.

As for when adulthood begins, a varying view exists among Americas. For some, it’s making the move out of their parent’s home (18 percent), starting their first real job (13 percent) or paying their bills without any assistance (16 percent). Others still look to more traditional markers of adulthood such as getting married (12 percent), having a child (12 percent), buying a house (9 percent) and college graduation (5 percent).

Saving could also be a problem. The report also shows that Americans are willing to spend on things they want but don’t need. Four in 10 are tapping into their savings to do so. Others are opting to afford experiences like vacations by putting them on a credit card (24 percent), making late monthly payments (10 percent) or delaying savings altogether (24 percent).

COUNTRY Financial also notes that adulthood and financial independence varies by race, economic status and education. African Americans and Hispanics are more likely than other racial/ethnic groups to believe adulthood begins between ages 16-18 (43 percent). And those with lower household incomes (less than $50K) and less education (some college or less) say ages 16 and 18 are the time for financial independence.