2013 Conference

Financial Services

Financial Services

The purpose of this study is to identify factors associated with perceived financial independence among a national sample of young adults aged 18-23 who are transitioning from financial dependence to financial independence. Specifically, the association between education attainment and financial independence of young adults is examined. Data used were from the 2009 Transition to Adulthood and its parental companion data set, Panel Studies of Income Dynamics. Results indicate that college graduates demonstrate a higher level of financial independence than their counterparts who never attended college or are currently in college. Common and differential factors associated with financial independence are also identified among four education groups, having never attended college, been in college, dropped out of college, and graduated from college.