Published: May 17, 2017 9:43 p.m. ET
Young Americans are constantly told by the media — and, sometimes, their own parents — that they think the world owes them a favor. Bad news for baby boomers: It may be the exact opposite.
Millennials say people should be able to pay for their own housing at 22 years of age, pay for their own car at 20.5 years of age and be responsible for their own cell phone plan at 18.5 years of age, according to a new study from personal-finance site Bankrate.com.
In all three cases, the younger cohort’s average response is about a year and a half earlier than when baby boomers feel these three landmarks of financial independence should happen.
“Millennials are often stereotyped as being entitled,” Sarah Berger, a columnist and analyst at Bankrate.com, said in a statement on the survey released Wednesday. “It’s refreshing to see that millennials really do have high expectations of gaining financial independence and getting off their parents’ payroll.”