More millennials are living with their parents compared to five years ago, based on a report by the Pew Research Center.
These young American adults, hovering in ages from 15 to 34 years, are holding back from starting a family and heading their own households.
Living independently used to be an attractive proposition. Today, despite a marked improvement in the job market and earning capacities, more young adults are putting it off, opting to stay with parents, an article on the Pew Research Center website reported.
The non-partisan organization analyzed data culled from the United States Census bureau for the period spanning 2010 to 2015.
It all boils down to a growing number of millennials who want to save first. Even business-savvy millennials are putting off dreams of owning their own residential dwellings in order to pursue set goals.
Some of them are innovative self-starters who experienced the height of the financial crisis, yet plodded on and now have positive hopes for the future.
Take the case of millennial Stefanie O'Connell, who used to accept gigs that paid satisfactory weekly earnings. The glaring realities of the 2008 meltdown prompted individuals like her to adhere to an economical lifestyle and to innovate.
O'Connell, now an author and speaker, tweeted fellow millennials to take charge of personal finances and live life on their own terms.
Not all millennials end up successful in building up funds for big personal expenses like buying a house. Many accompanying expenses go with living on one's own, including utilities, internet and cable subscriptions, plus other essentials.
Lots of millennials are burdened with debt, carried over from their college days or arising from the high cost of living in the present age.
Academicians-analysts, like University of Michigan's Scott Rick, noted in an interview with Today that being extremely cost-conscious may be just part of the stage young adults go through. As they age, their lifestyles will change.
The bottomline is that smart saving and personal finance tactics can have huge payoffs somewhere down the road.