October 13, 2016
A new study has found that Philadelphians between the ages of 18-26 are more likely to live at home and less likely to have a job than other young adults from across the country.
The report, released by Bank of America/USA Today Better Money Habits, found that 76 percent of young adults in the Philadelphia-Wilmington area live with their parents, compared to 52 percent nationally.
That's because the area's young adult population is in much more need of financial support, according to the study. Only 55 percent of the age group here has a job compared to a 66 percent national average.
“While many young adults here in the Philadelphia area are working hard to make ends meet, they’re still relying heavily on the support from others,” Jim Dever, Philadelphia market president, Bank of America, said in a news release. “Even though many don’t think they’re making enough money, we can’t overemphasize the importance of saving and arming our young people with the right tools to achieve long-term financial success.”
The study found that Philadelphians see adulthood as less about age and more about financial stability. Sixty-two percent of young Philadelphians said they didn't consider themselves to be an "adult" when they turned 18.
The study found that while living at home, 53 percent of Philadelphians said they were saving for the future, while 1 in 3 had student debt to think about. Seventy-seven percent of Philadelphia's young adults said they felt "somewhat or very optimistic about their financial futures," the report found.
The survey was extended to 2,180 people, ages 18-26, via an online survey between July 1-21.
While Philadelphia's young adult population may be taking a little longer than the rest of the nation to save up and move on, one thing's for sure, Philadelphia is certainly retaining the millennials who call the city home.
Sixty-four percent of students who attended one of Philly's colleges or universities have stayed in the area after graduating, while Philadelphia gained 100,000 young adults ages 20-34 between 2006-12, according to a CampusPhilly study released in 2015.