Around 37 percent of the young adults, aged 18 to 26, in the Raleigh-Durham area live at home with their parents. According to a new Bank of America and USA Today Better Money Habits report only 51 percent of these young adults are financially able to pay their own cell phone bill. While only 43 percent of the young Raleigh-Durham adults have mastered doing their own taxes.
A Pew Research study concluded that young Black adults have been more likely to live with their parents than in any other situation since 1980. Today, 36 percent of black millennials live with their parents. Employment status and trends in wages have likely fueled the the growing number of young adults who are living at home with their parents and this is especially true of young men.
Triangle Business Journal: Virginia Parker, market manager in the Triangle at BofA (NYSE: BAC), noted that “attracting talent is a big part of the Triangle area.” Financial literacy is important to people who live, work and play in the Triangle, she said, adding that, for BOA, reaching young adults in the Triangle is important in terms of financial literacy to ensure “they can be independent and contribute back to the community through work and play.”
Parker said it’s encouraging that young adults said financial literacy is something that’s important to them.
When it came to learning about personal finance in school, close to all of the Raleigh-Durham respondents said they wished their educations had provided them more information.
While living at home with your parents as an adult might carry a stigma, many of the young adults in the Raleigh-Durham area are taking advantage of the lowered expenses that come with living with mom and dad. For many, it’s a time to ramp up their savings accounts–and this could be a very good financial head start.