Mom and Dad foot some bills for 1 in 4 millennials working full-time

Millennials earned about 20 percent less in 2013 than baby boomers did at the same age in 1989. They also shoulder the bulk of the $1.4 trillion in outstanding student loan debt. If a young adult needs financial help from their parents, the reasons should be explained.

For some young adults, having a full-time job doesn't translate into financial independence. Nearly a quarter (24 percent) of millennials who are fully employed report receiving help from their parents with bill-paying, according to a recent Instamotor.com survey. The majority of them—about 80 percent—do not live with their parents.

"For some millennials, especially those just transitioning into adulthood, it can take some time to get to the point where they don't need their parents' help," said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland. "I'd never tell a parent not to help their kids, but they do need to set parameters."

The Instamotor survey polled 800 millennials—defined as ages 18 through 34—who are working 35 hours or more per week. The most common bills picked up by parents are those for cell phones (53 percent) and car insurance (31 percent). At 75.4 million strong, millennials are the largest and most diverse generation and generally face financial challenges that their parents did not face as young adults. In addition to carrying most of the $1.4 trillion in student loan debt, their wages are lower than their parents' earnings when the parents were in their 20s. A 2017 study of Federal Reserve data by advocacy group Young Invincibles showed that millennials earned an average of $40,581 in 2013. That's 20 percent less than the inflation-adjusted $50,910 earned by baby boomers in 1989. If you take into consideration all adult children — those aged 18 or older who may or may not be working full-time — the reliance on parental support broadens significantly. A 2017 study from CreditCards.com found that 74 percent of parents reported helping adult children with expenses and debt. While financial independence might take longer to reach for some millennials than for previous generations, there are a few considerations for those who turn to their parents for support. Be transparent. Entering adulthood generally provides more privacy and independence from your parents, but that changes if you ask them for money. "Once you ask for financial help, your business becomes your parents' business," Cheng said. "I'm not saying you need to share everything, but you can't ask people for money without letting them understand the situation and why you need financial help." Get a handle on your budget. If overspending is causing you to rely on your parents, scrutinize where you can cut back. Research from Slickdeals.net shows impulse purchases cost the average consumer $5,400 per year. Food is the biggest category for spur-of-the-moment purchases, and entertainment often eats up more cash than intended. If your spending is generally in line with your means, other parts of your budget could still be trimmed — for example, by shopping for cheaper car insurance or sharing rent and utilities with a roommate. If student loan payments are burdensome, ask your lender about lowering your monthly bill; borrowers below a certain income threshold may qualify for income-driven repayment plans for federal loans, and private lenders may be willing to work with you to make payments more affordable.