Millennials failing to launch

Why twenty-somethings are having trouble becoming financially independent.

Ashley Redmond 21 November, 2014 | 6:00PM

November is financial literacy month in Canada, an initiative that's backed by the federal government and supported by numerous companies. The goal is to help consumers increase their knowledge, skills and confidence to make responsible financial decisions. There's even a Twitter hashtag: #FLM2014.

This year's overall theme is Strengthening Financial Literacy through Collaboration, but during the second week of November there was a specific focus on Generation Y, also known as the millennials, called Failure to Launch -- a small rip-off from the movie of the same name.

Millennials are reaching the age when they should be achieving financial autonomy and independence, but unfortunately many aren't. According to this 2011 report by Statistics Canada, 25.2% of young adults between the ages of 25 and 29 live at home with their parents; by comparison, in 1981 only 11.3% of the same age group lived at home with their parents.

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Ashley Redmond

Ashley Redmond  Ashley Redmond is a Vancouver-based freelance writer.

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