PNC Financial Independence Survey

Financial independence is even more elusive than it was two years ago for 20-somethings coming of age amid global economic uncertainty. More than half (58 percent) of 20-29 year-olds with some college rate themselves behind where they expected to be in terms of financial success, a 26 percent increase since 2011. Hispanics in this group are significantly more likely to say they are financially better off than their parents were at the same age. That may be because Hispanics are more likely to live with their parents (45 percent) than non-Hispanics (39 percent), benefitting from strong family support.

"Young Hispanics are more optimistic about their financial success than non-Hispanics because they see themselves making greater progress than their parents," said Mekael Teshome, economist at The PNC Financial Services Group. "In fact, we found that 20-something's have generally very similar expectations and objectives- regardless of their ethnicity - except when cultural values come into play."

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.

Media Contacts

Amy Vargo
412-762-1535
amy.vargo@pnc.com

Saul Boscan
312-384-4639
saul.boscan@pnc.com

Survey Results