Report: Young Adults in Philly More Likely to Live at Home, Less Likely to Have a Job
A new study claims that young adult Philadelphians are much more likely to live at home than their peers nationwide.
The report, from Bank of America/USA TODAY Better Money Habits, surveyed Philadelphians between the ages of 18 and 26, finding that only 55 percent of young adults in the city have a job, and 76 percent are still living at home. Nationally, 66 percent of young adults are employed, and just 52 percent are still living with a parent.
The study also found that 53 percent of Philadelphia participants are in the habit of saving for the future, but just 38 percent of them pay their own cell phone bills.
Even though one in three young Philadelphians currently faces student debt, the study found, 77 percent of them said they were optimistic about their financial futures.
The survey, which polled more than 2,000 young adults in July, was conducted GfK Public Communications and Social Science. Read the full report here.