New Spending Trends Study From TextNow Shows Many Millennials Share A Phone Plan with Mom and Dad
Nearly a quarter of the world’s population are Millennials — aka those young Americans born roughly between 1980 and 2000. Their vast economic power has been credited for killing napkins and processed cheese to giving a boost to the trucking industry by buying “everything” online.
One thing they’re not spending on? Their own cell phone bills.
TextNow conducted a survey of over 2000 Americans age 23–38 to find out who is paying their phone bills.
Here are some of the facts …
Many Millennials Still Mooching
Nearly 2 out of 5 (37%) millennials say they are on a shared plan with their parents.
Of those, over a third (36%) said they do not reimburse their parents for their share of their plan. Not only that — turns out, a phone plan isn’t the only thing mom and dad are paying for: nearly half (49%) said their parents are paying for other expenses like car insurance, car payment, or health insurance.
Some Things Never Change
Inertia may be winning out. Nearly 60% of those who say they’re on their parent’s plan say it’s because they have always been on their parents plan. Inertia may not be doing these individuals any favors, however, given the friction it can cause in relationships.
Sometimes Sharing Is Too Much
Not Everyone Is Talking About It
Millennial men are twice as likely to say they’ve lied about being on their parent’s plan than women are (Men: 18% Women: 6%).
Does It Make Financial Sense?
Over 65% of the respondents who are on a shared plan pay over $40 per month.
Of course, there are options for those who want to make a break in the New Year — including TextNow, which offers an unlimited data plan for just $39.99 per month.
So why not start the new year with a new phone plan? One you don’t have to be a dependent on, and you have all the power and freedom!
TextNow has a variety of plans starting at $0 up to $39.99
TextNow conducted a survey of over 2000 Americans to understand who is sharing a phone plan — and to understand the impact.