About 15% of the respondents said they’re on financial life-support, with their parents helping to subsidize rent, while another 15% said their parents are covering all rental expenses.

An overwhelming majority (82%) said they don’t want to rely on their parents for financial support, but due to the economic downturn, it seems like many have no other choice.

A crushing recession could be the best thing for millennials. Allows them to move home, save money, pay down pesky auto loans, credit card debt, and student loans. So by the time the next economic upswing starts, their debt loads will be low, allowing them more economic mobility. 

Another reason why millennials should considering moving back is that the recovery stalled in mid/late June, and some cases reversing. A recovery heading south again is bad news for the labor market, as we noted this week, the second round of layoffs is well underway. 

For more color on this, the latest Chase credit and debit card data shows consumer spending activity is well below the baseline and stalled in mid-June.