Millennial college graduates are strapped for cash and more and more are rethinking leaving the family nest, according to a new survey.
Faced with a difficult job market in the aftermath of the Great Recession, many young adults are suffering at jumpstarting their lives, fail to leave the safety of the family home and continue to rely on parents for financial support.
“The majority of young adults are struggling to achieve financial security in their transition from college to adulthood,” according to the Arizona Pathways to Life Success for University Students (APLUS), an annual study that polls about 1,000 young people who are making the transition from college to post-graduate life.
The survey also found that financial problems are also changing how some young adults are running their lives in their 20s.
“Many participants reported that marriage (28 percent) and having children were not important life goals; (19 percent) felt home ownership unimportant, and (16 percent) rated living on their own as unimportant,” the survey said.
About half of respondents continue to need financial support, and half of those who still get help from their parents have full-time jobs. The economy has long been a factor in recent college graduates’ inability to be financially secure, as well as the high student debt, which has become a national concern.