Many millennials think financial independence should come early in life as opposed to baby boomers who think it should be a year-and-a-half later, a new poll finds.
"Millennials are often stereotyped as being entitled," said Sarah Berger, a columnist and analyst at Bankrate.com, the site that conducted the poll. "It's refreshing to see that millennials really do have high expectations of gaining financial independence and getting off their parents' payroll."
Millennials said people should be able to pay for their own cell phone plan at 18.5, pay for their own car at 20.5, and for their own housing at 22. Baby boomers, on the other hand, felt it should take a bit longer for those things to happen.
According to the real estate website Trulia, around 40 percent of millennials currently live at home, which is the largest percentage since 1940. The young Americans who do rent, spend at least 40 percent of their income on housing.
Millenials have also taken on more student loan debt than any other generation as college costs have rocketed.
The Bankrate survey polled 1,000 adults from different parts of the country.
© 2023 Newsmax. All rights reserved.