|By Kenneth Lowe, The Pantagraph, Bloomington, Ill.|
* BUSINESS NEWS
A national survey by
"The combination of a tough job market, plus lower income, is really what's getting in the way for these 20-something-year-olds," said
The survey polled 3,288 millennials. Most in the age group considered paying their own living expenses, getting a full-time job in a chosen field and living on their own as the most important indicators of financial security. Less than half identified milestones like home ownership, paying off student loans, or living without roommates as being essential to their independence.
Some can't reach those goals without help from mom and dad.
"I've had some friends in other areas whose kids have come home to live with them because the first job they started out of college wasn't enough for them to make ends meet, but also because they can't live the way they're accustomed to," Lauer said.
Difficulties in becoming independent could have a troubling effect later in life, Teshome said, as those under 30 delay important milestones.
"If these young adults are not where they want to be in their mid-to-late 20s, that's a good chunk of time that's taken away from retirement planning," Teshome said. "It does have implications for down the road."
"Ten years ago, we probably saw more 20-to-30-year-olds coming in starting Roth IRAs, and you just don't see quite as many (anymore)," Stokes said. "The recession really pushed them back. Now, finally, I've met with a couple of those clients who are just now in the job they wanted five years ago."
While the survey also showed those with college degrees were more likely to consider themselves financially independent, the debt that accompanies that education can be a double-edged sword, said
"High debt burdens may prevent what up until now was the typical progression of life milestones: marriage, home ownership, having kids, etc.," Springer said. "All of those milestones that used to happen in a person's 20s may be pushed back a decade or more."
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|Source:||McClatchy-Tribune Information Services|