Millennials are set to become the largest generation in America and critical players in the economy, but, financially, they are not equipped to live up to the task, according to a report by Money Under 30.

Almost three-quarters of millennials are carrying debt, and 50% reported getting help from their parents for basic costs such as cell phone service, groceries and rent, the report said.

One thousand milliennials were surveyed for the report, which shed light on how financially independent they are, and where there is room for improvement.

Eighty percent of millennials agreed that, unlike their parents, they will not be able to achieve materials goals like finding a dream job, buying a house or retiring until much later in the lives, the report noted.

Millennials point to factors such as low salary (39%), rent and mortgage payments (26%) and student debt (24%) as factors standing in their way to achieving financial growth. Debt among millennials exceeded $1 trillion last year as student loans pile up, the report noted.

As for putting money aside, 43% percent of millennials said they save between 1% and 10% of their monthly pay, and 23% save none of their paycheck from month to month.

Almost two-thirds of millennials said they have under $5,000 in savings, 40% have less than $1,000 saved and 13% have no money saved at all.

In order to save money, millennials said they would be willing to give up buying coffee and meals at cafes and restaurants (31%), alcohol (23%) and shopping for clothes and electronics, etc. (21%).