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."
With 20-somethings facing an uphill climb economically, the margin for error in their personal financial lives is that much thinner. They have to minimize money mistakes and maximize opportunities to stretch a buck and save for the long term.
Community Choice Financial, a Columbus, Ohio, financial services retailer that caters to the underbanked demographic, has a 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."