News

Survey: Millennials struggling for financial independence

Written by Craig Layne and Radio Pennsylvania | Aug 9, 2013 4:00 AM
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(Undated) -- A recent survey reveals people in their twenties are struggling for financial independence.

The report by Pittsburgh-based PNC Financial Services Group finds more than half of the millennials surveyed are not where they expected to be financially.

It also noted a drop in the number who claim to be totally financially independent from the company's previous survey in 2011.

PNC Retail Market Manager Chad Clabaugh says young people are still upbeat about their prospects.

"They do feel confident that if they work hard, which accounted for 64 percent of respondents, that they ultimately will be able to acquire that illusive job, the preferred job, if you will," Clabaugh says.

The survey finds only a third of respondents have a job in their chosen field, and 60 percent are in a position to pay all of their bills.

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