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09/09/2011 -
Generation Y - defined as individuals currently aged 20-29 - is unique in that they've grown up surrounded by revolutionary technologies such as mobile phones and the internet. But for a large portion of this age group, their adult life has been shaped by the economic turmoil of recent years.With this in mind, PNC Financial Services Group conducted a survey intended to examine the financial mindset of 20-somethings in the U.S. Among the findings, only 23 percent of respondents consider themselves completely independent, while a mere 18 percent believe they will have saved enough money to live comfortably upon retirement.
Forty percent of 20-somethings rely on two sources of income, and nearly half - 46 percent - consider themselves behind expectations for personal financial success.
"The two keys to financial independence for 20-somethings in today's economy are: Don't panic now and plan for the future," said Todd Barnhart, senior vice president of PNC Bank. "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."
