Published: Sat, May 20, 2017
Business | By Max Garcia

Millennials, Not Boomers, Believe in Earlier Independence

Millennials, Not Boomers, Believe in Earlier Independence

Many millennials think financial independence should come early in life as opposed to baby boomers who think it should be a year-and-a-half later, a new poll finds.

Bankrate.com asked millennials, Generation X, Baby Boomers, and the Silent Generation what age people should be able to pay for their own bills, including housing.

Berger says of course every situation is unique and when someone ultimately decides to get off their parents payroll is based on a slew of factors but she says it appears the goal of millennials is to keep striving for financial independence while still being responsible.

According to survey results, millennials think people should pay for their own housing at age 22, their own vehicle at age 20, and their own cell phone bill at age 18 without the help of their parents.

Republicans, on average, believe that someone should be able to afford their own auto a few months prior to their 20th birthday.

Regional differences are apparent, as well. That's nearly three years earlier than the average Democrat's response.

The research, carried out by personal finance site bankrate.com, surveyed 1,000 adults from across the US. Northeasterners thought housing costs should be shared with the parent until the age of 24 ½, two years longer than Midwesterners, 1 ½ years longer than southerners and nearly a year longer than westerners. The margin of sampling error for the complete set of weighted data is plus or minus 4.0 percentage points.

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