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For many, early adulthood marks that first step of freedom. Today, traditional milestones like home ownership and marriage take a back seat to achieving financial independence.
75% of early adults say becoming financially independent from parents is the key indicator of being an adult
Getting rid of debt is a big part of financial independence. But for many early adults, work isn’t working. 46% plan to look for a new job in the next 12 months.
While early adults may not want financial support, the truth is that many need it. In fact, 58% of those who received help from their parents couldn’t have afforded their lifestyles without it.
Higher debt coupled with lower-paying jobs have made “enjoying life now” less of a priority for women than it is for men. Among millennials, 11% more women have degrees than men.
Source: Age Wave and Merrill, Early Adulthood: The Pursuit of Financial Independence, 2019
Age Wave is not affiliated with Bank of America Corporation.