Thursday, September 29, 2011

Millennial Blues

I recently mentioned the phenomenon of adult children moving back home - so called "ricochet kids."

The PNC Financial Independence Survey (enter "financial independence survey" in the search box to get a link to the full results) shows why the kids are ricocheting. Millennials, also known as 20-somethings, are struggling to get their careers on track. Only 23 percent say they are financially independent and only one-third have an established position in their chosen career.

In fact, 40 percent rely on two or more sources of income, including multiple part-time jobs or help from their parents.

Nearly half rate themselves as "behind expectations" when it comes to personal finances.

Perhaps most upsetting, just 14 percent of late-20-somethings say they are optimistic about their financial futures.

Not happy news, especially for those of us whose kids fall into this age group.

3 comments:

  1. I wonder how this generation will get themselves on track. The recession is such a major deal, such a history changer.

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  2. There's some research showing that people who start their careers during a recession, with lower expectations and salaries, have a very hard time catching up. Sad.

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