/How Millennials can Escape Mounting Debt

How Millennials can Escape Mounting Debt

A growing number of millennials find themselves in a vicious predicament, plagued with college debt while financial reliant on their parents. (foxbusiness.com)

A survey from The Ascent by Motley Fool Opens a New Window. found that only 37 percent of millennials are financially independent of their parents. Among those, only 56 percent feel prepared to handle their own finances.

“When you dig deeper, we found that 72 percent of millennials actually want their parents to stop paying for things as soon as possible,” says Nathan Hamilton, director and industry analyst at The Ascent by Motley Fool. “It’s more a matter of survival than what some might call laziness.”

Millennials will likely face eight key money milestones in their road to financial independence. Hamilton has tips on how they can navigate those events.

Finding a job:

The others, in order, include…

2. Paying student loan debt
3. Budgeting
4. Getting an apartment/house
5. Getting health insurance
6. Saving for emergencies
7. Saving for retirement

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