Is it Millennial thinking or just a trend? The 18 to 26-year-olds interviewed by Bank of America's Better Money Habits poll said that financial independence from parents defines an adult. The few others who are already of age felt that they are not adults enough because they still rely on their parents.
Only 27% of the respondents consider themselves as adults as soon as they turned 18; one-third did not feel adulthood didn't until they reached 21 years old. "Adulting" or the struggle to be an adult or being responsible for doing tasks for the family is a common phenomenon among young adults.
Despite being well-equipped with knowledge, technology, and exposure to the work field, what could hinder these millennial people to be financially independent? Andrew Plepler, Bank of America executive on Environmental, Social and Governance charged it to the transition period from student days to career life, according to USA Today .
It has been noted also from the survey that getting married ad having their own family is being delayed, says Plepler. Only 22% of the 22 to 26-year-olds questioned were engaged or married. Just 18% had children of their own.The good thing is, almost 60% of the 18 to 21-year-olds surveyed already have jobs, and 70% of the 22 to 26-year-olds are also working.
It is evident that the groups of millennial surveyed are really geared towards working in gaining financial independence. At least 58% have saved through their savings account. 41% have health insurance plan. They are actually more responsible nowadays in thinking ahead of buying homes and other investments.
Bank of America launched Better Money Habits®, a financial education resource in partnership with Khan Academy, providing free, educational content to all. Financial independent might be a bit longer to attain these days, Seemiller comments that young adults today are on the right path towards financial freedom, " according to the Bank of America website.
