Like the U2 song says, “sometimes you can't make it on your own” — but if you can, you’ll be a lot better off.
Millennials who stand on their own two feet are more confident and happier overall, according to the results of a 10-year study by the National Endowment for Financial Education, which followed the same group of young adults from their first year in college at the University of Arizona through their 20s.
After a decade, those who were no longer relying on their parents for financial support and were paying their own bills, were more likely to be employed full time, married and starting families.
They were also making healthier financial choices like working more hours to make ends meet and saving up for big purchases (rather than racking up credit card debt), the report found.
Although hefty student loan bills from school and sky-high rents in many cities have made it unaffordable for some recent graduates to support themselves entirely on their own, low unemployment and higher starting salaries have helped — slowly but surely — more millennials move out of their parents’ homes.
But the path to financial independence starts long before college, according to Ted Beck, NEFE’s CEO.