4 Top Money Mistakes of Young Adults
NEW YORK (TheStreet) -- Gaining financial independence is a tricky and often failing proposition for 20-somethings.
Last year, PNC Financial issued a study reporting that 58% of 20- to 29-year-olds say they are "behind where they expected to be" in terms of financial progress, up 26% from a similar study by PNC in 2011.
Study researchers linked that lack of progress to high unemployment among younger adults.
"Many of my peers suffer from a failure-to-launch syndrome directly related to the surge in unemployment during the Great Recession and slow pace of recovery," says Mekael Teshome, an economist at PNC. "It is not a lack of ambition we are seeing in these data. It is more about a lack of opportunity that has hindered many young adults' progress against their professional and financial objectives."list of "money blunders 20-somethings should avoid." "Many 20-somethings are constantly searching for advice to help them achieve long- and short-term financial goals, but it is equally as essential to know what to avoid," says Ted Saunders, president and CEO of Community Choice Financial. "Be sure to stay away from these common personal finance mistakes." Here's a closer look at what Saunders is talking about: Procrastinating on saving. Younger Americans don't have as much time as they think to save for the long haul. "In this economy, the type of retirement that our grandparents and possibly parents enjoy is unlikely," CCF says. "It is crucial to start putting aside a portion of your income for retirement as soon as possible."
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