Majority of Twenty-Somethings Worry About Their Financial Future
Roughly one-fourth of twenty-somethings consider themselves “totally financially independent” and just 18% expect they’ll have enough money for a comfortable retirement, according to a first-time national survey by PNC Financial Services Group, conducted by the Artemis Strategy Group. The new survey, which polled 2,000 people ranging from 20 to 29-years old, is cautioning that twenty-somethings aren’t feeling optimistic about their finances, even though they’ll have years to recover from the nation’s deep economic troubles.
Some 40% of those questioned in the survey for PNC Financial said they rely on two sources of income to get by – in some cases that includes financial help from parents. Of those, 57% cited part-time jobs; they also said parents were their top source of information about financial matters.
“The two keys to financial independence for 20-somethings in today’s economy are: Don’t panic now and plan for the future,” PNC Bank senior vice president Todd Barnhart said in a prepared statement. “At a young age, time is on your side and you can take full advantage if you manage your spending, start saving and chip away at any debt.”
Nearly half, or 46% of respondents, rate themselves as behind expectations for personal finance success. Some 26% believe they’re on target and 25% said they’re ahead.[Source: “PNC Financial Independence Survey.” Artemis Strategy Group/PNC Financial Services Group. 6 Sept. 2011. Web. 12 Sept. 2011.]