WASHINGTON, April 18 (Xinhua) -- Early adults in the United States cited finances as their top source of stress and top barrier to achieving life goals, a new study said on Thursday.
"Today's young adults are encountering more complex financial paths than prior generations, forcing them to postpone life milestones and putting their ability to save for retirement at risk," said Lorna Sabbia, head of Retirement and Personal Wealth Solutions at Bank of America.
Conducted by global wealth and investment management firm Merrill Lynch and aging population research firm Age Wave, the study focused on Americans from 18 to 34 years old and surveyed a sample of over 2,700 respondents.
With heavy debt burden on their shoulders, 60 percent of respondents defined financial success as being debt-free, while only 19 percent of respondents saw financial success as being rich.
According to the study, 72 percent of early adults said they would benefit from more financial guidance.
"To achieve financial independence, early adults can focus on developing smart financial habits, identifying areas to cut expenses to free up money for their goals, and seeking out financial education and guidance," Sabbia said.