Young people are finding it harder to leave the nest.
An online survey of 3,288 of people aged 20 to 29 found that only 17% described themselves as “totally independent.” That was down from 23% just two years ago. The study, commissioned by PNC Financial Services Group (PNC), also found that just 53% of those surveyed said they were better off than their parents were at the same age.
A PNC economist suggested that falling rates of financial independence among 20-somethings was not the result of a lack of motivation, but rather of a dearth of employment opportunities. 58% of young adults with at least some college education said they were not where they thought they would be, financially, at this point in their lives.
While young adults are struggling, they remain hopeful. Among those who described themselves as financially dependent on someone else, fully 60% said they intended to become financially dependent eventually.
Young adults who earned a college degree tended to be financially better off then those who didn’t. 50% of college graduates described themselves as financially independent, compared to just 36% of those with only a high school diploma.