In order to better understand the financial knowledge and behaviors of millennials, the University of Arizona study called Arizona Pathways to Life Success for University Students (APLUS), which was launched in 2007 and has been following the lives of a group of UA students who were freshmen then, has revealed a few note-worthy trends. Among them, that more than half of these 23 to 26-year-olds still depend on their parents financially, 49 percent said they work full time, while 20 percent said they work part time or are self-employed. And less than half of those surveyed said they are working traditional jobs with 401(k) options. The study also found that millennials are not following the expected trends that the previous generation did: after graduating college, getting a job, buying a home, getting married, and having kids. "Those were the markers of adulthood in my day," said Joyce Serido, principal investigator.
Once upon a time, a spouse, children and a home were among the most typical hallmarks of adulthood. But that definition may be changing.