PITTSBURGH, Sept. 6, 2011 – Financial reality is especially harsh for 20-somethings nationwide as a mere 23 percent rate themselves as totally independent, according to a first-ever survey by The PNC Financial Services Group, Inc. (NYSE: PNC).
Worse yet, only 18 percent of 20-29 year-olds, whose adult lives began amid the 2008 Great Recession, are confident they will have enough money to live comfortably when they are ready to retire.
These findings are part of the PNC Financial Independence Survey, which sought insights into the financial mindset of 20-somethings within Generation Y, which is projected to outnumber all population segments by 2017.
The unique study compares the responses within the age group and reveals their financial concerns are mounting in the early years of adult life. For example, 26 percent of 22-23 year-olds feel optimistic about their personal financial future and 20 percent are confident about having enough money for a comfortable retirement.
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