Young adults in the United States are taking longer to reach "key life milestones," including financial independence from parents and living on their own, compared to four decades ago, according to a Pew Research Center analysis released on Tuesday.
Today's young adults are closer to full-time employment and financial independence by age 25, the analysis of Census Bureau data shows.
Financial independence is defined as having a single income of at least 150% of the poverty level.
And only one-quarter were financially independent of their parents, versus more than 40% in 1980, the analysis found.
"I would argue that young adults now are facing much higher costs for housing," buying a car, food and gas, Rossman said.
Persons:
Ted Rossman, Rossman
Organizations:
Pew Research, Finance, House, Social Security, PayPal, Bankrate
Locations:
United States