NEW YORK (MainStreet) —My college daughter lives a very nice life indeed, afforded by the monthly spending money I put in her account plus the money she earns from a part time job. And, we agreed that neither of us would take on college debt, so while she earns academic money and a big athletic scholarship every year, I work hard to pay whatever is left over. But I also still pay for the iPhone plan and she spends all her extra money every month on eating out and designer clothes and accessories which has me worried about how she will afford things on her own once she graduates. She says other college kids around her live even better with nice new cars and seemingly unlimited funds for shopping, travel and activities.
So what’s a recent college grad to do? Faced with the fear of the job market and launching out on their own, lots of college grads simply stay in school and get a graduate degree, and others move back home with Mom and Dad to save money or avoid the situation altogether. But there’s a trend afoot to get out of Mom and Dad’s house. According to a new survey of over 1,000 teens aged 14-18 from Junior Achievement USA and The Allstate Foundation, the percentage of teens who say they will be able to support themselves without parental assistance between the ages of 25 and 27 has doubled over the last two years, from 12% to 25%. But the percentage who said the time span between age 18 and 24 was when they would be able to support themselves dropped from 75% to 59%. So more teens say they can do it on their own if they just take a few more years to do it. What about you?