A lot of people have this image of Millennials as young kids who don’t really want to take responsibility for anything, especially finances. But it turns out, when it comes to money they are more ready to be independent than their parents expect them to be. A new survey by Bankrate asked about what age people should be expected to pay their own expenses, and it seems Millennials feel they should take responsibility at a much younger age than any other generation.
While we’re always hearing about twenty-somethings moving back home with mom or dad after college, on average, millennials think people should be able to pay their own rent by the age of 22, while the average Baby Boomer said 23-and-a-half and Gen Xers say 23.
But that’s not the only place the generations differ. When it comes to a car, Millenials think they should be able to pay for it themselves by 20-and-a-half, while Boomers say 22 and Gen Xers say 20-and-three-quarters.
When it comes to cellphones the generations are a little closer in agreement, although, again, Millennials take responsibility at the youngest age. Millennials think folks should be able to pay for their own cellphone expenses by age 18, while Gen Xers say 19 and Baby Boomers say 20.