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Chapter I Introduction 1.1 Background The shift of young adults from being financially dependent on their parents to becoming financially independent is now taking place This study's objective was to identify variables that were associated with American youth aged 18 to 23 feeling financially independent Using an interdisciplinary approach, we expected that economic, psychological, and family issues would all play a role in young people' financial independence The 2009 Panel Study of Income Dynamics, a nationally representative US sample, and the 2009 Transition into Adulthood data collection, which includes data on parents, were used to compile the data The results showed a favorable relationship between financial independence and economic variables such young adults' income, assets, employment position, and level of education A number of psychological traits, including economic self-efficacy, proficiency with money management, and problem-solving skills, were also connected to financial independence Family economic traits including parental income, stock ownership, and financial assistance hurt young people's ability to make ends meet 1.2 Rationale Additional studies showed that college graduates did not differ from those who had dropped out in terms of their level of financial independence, but they did differ from those who had never attended college or were still enrolled Common and distinctive elements relating to young people's financial independence were also noticed throughout the four schooling groups The study's conclusions are pertinent to consumer educators who seek to design and implement tailored financial education programs for 18 to 23-year-olds with a range of educational backgrounds 1.3 Research subjects IBD students before and after graduating around me are welcome to complete this survey In order to increase the financial independence of IBD students, I need to comprehend what the students think about those students' financial freedom That is the main objective I have set for my research, and it is from that point that I will be able to gather all the information and resources I will need to construct my research paper 1.4 Research questions How many IBD students are financially independent? The role of financial independence? Financial independence is a challenge for the young? 1.5 Research method and Scope The majority of the material used in this inquiry is confirmed, along with data gathered from websites and the internet that report on age differences I proposed this study to a quantitative group looking at the opinions of IBD students on this subject This study focuses on the perspectives of financially independent IBD students The study's conclusion, in which IBD understudies answered to inquiries via an internet survey, and their replies were subsequently compiled and assessed, serves as the primary source for the fundamental data Access resources were also employed to give information regarding the age disparities in today's families, including online news sources, websites, and online reports I was able to identify the cause of the age difference and several potential remedies with the use of this information I will ask alumni and 50–100 IBD students ten–fifteen questions These inquiries will be supported by preliminary research into the financial security of IBD students I will gather information from a variety of sources, including often updated books, newspapers, and websites for television news I learned a lot of knowledge about this topic, therefore this might be helpful material to strengthen analysis and offer solid evidence Chapter II Literature Review Nowadays, the joint family system has collapsed along with the village system, which provided a sense of financial and emotional security and in which each person would assist the other in times of need Now that single-parent households are more common, each person is on their own and this creates an imbalance in the social, emotional, and economical systems Since stability, which served as the foundation, is no longer there, early financial planning is necessary to satisfy everyone's fundamental and aspirational needs Goal setting should also be done at this stage 2.1 definition of “financial independence” Financial independence is the status of having enough money or assets to cover one's living needs for the rest of one's life without having to work or depend on others is the state of being financially independent Passive income is a term used to describe revenue that is generated without the need for employment Financial independence is the state of not needing to work for money throughout the remainder of people life because they have amassed sufficient savings People may choose to work for other reasons, such as love or purpose, but they are no longer reliant on that career to support their daily lives Financial independence, in its simplest form, refers to the capacity to handle their money in such a manner that they have enough money to live the lifestyle they choose without the help of others Or, to put it another way, enough money to cover all of their expenses whether they work or not, since a job is essentially aid from another party, and that party is an employer There are several ways to become financially independent, and each has advantages and disadvantages A financial plan and budget may be helpful for someone who wants to achieve financial independence because it helps them to identify and select the best approaches to achieve their financial goals and provides them with a clear picture of their current revenues and spending A financial plan takes into account all aspect of a person's financial status 2.2 A research on “financial independence” There is little direct study on young individuals' financial independence Only two pertinent studies could I find According to an early research, a kid is deemed financially independent if they live with others, live by themselves outside of an institution, enlist in the military, or leave the house to get married Financial independence is not regarded to exist for students living in institutional accommodation, such as that found at a university or college, who earn a living but remain housed by their parents The median age of independence in their analysis, which used data from the Panel Study of Income Dynamics, was 19 for males and 21 for women Women's chances of being independent increase till age 22, then they momentarily decline until they climb again at age 26 Males see an increase in probability until age 21, a minor decline, and then an increase until age 25 A more recent research looks at the percentage of young people' living costs that come from either their own income or savings or from their spouse's or partner's income and/or savings at the ages of 23 to 24 to determine how financially independent they are Approximately 73.7 percent of respondents in this longitudinal research in Minnesota's sample of young people aged 23 to 24 reported being financially independent and able to meet their own bills Financial reliance is significantly influenced by economic circumstances, such as earnings for both male and female children or welfare payments for female children (Whittington and Peters 1996) Financial reliance might be detected by living with your parents Fewer employment, poor salaries, and high rental expenses all contribute to a rise in the proportion of young adults living with their parents, according to census data from 1960 to 2007 When comparing changes in economic circumstances across U.S states to changes in living arrangements, this is evident (Matsubara 2010) A Dutch study on young adults' financial independence found that the timing of leaving home was related to both the perceived costs and advantages of leaving home as well as the reported state of the property market 2.3 The role of “financial independence” The ability to manage one's finances is seen as a key component of financial independence among young adults Combining data from questions on future expectations, employment, and property ownership allows us to quantify this factor Using solely demographic control factors, this variable in a panel analysis exhibits a substantial connection with financial independence However, its impact is lost when achievement factors like current school enrollment, work status, marital status, parenting, and income are included in the model Young people's financial independence may also be influenced by other psychological issues Young Canadians between the ages of 12 and 24 who are described as belonging to peer groups that are adult- or achievement-oriented are more inclined to save money, particularly for future education, according to research on saving behavior (Erskine et al., 2006) Young individuals' financial independence varies depending on their race and gender Researchers discovered that there are differences in the factors of financial independence among men and women after examining the PSID data independently (Whittington and Peters 1996) Cross-national comparisons reveal that young women are less likely than young males to achieve economic independence through market labour alone in every country (Smeeding and Phillips 2002) Researchers analyzed the labor and income patterns of cohorts born in the 1950s and 1960s using PSID data, and they discovered considerable shifts among women (Corcoran and Matsudaira 2005) Saving habits, a crucial component of achieving financial independence, differ across young adults of color and white (Friedline and Elliott 2011) Young adult studies on young people frequently discusses leaving home, and the causes of home departure are related to the causes of financial independence Young adults typically leave home for one of two reasons: to attend college or to live independently The first choice is a strategy for investing in human capital that raises the possibility of financial independence in the future, whereas the second option is a sign of financial independence right now The decision to stay in or leave the family house is influenced by economic issues including housing costs and personal income (Ermisch 1999) Previous studies have shown that the decision to leave home varies between countries, genders, and ethnic groups Chapter III Analysis and Major Findings All of the approved questionnaire responses I received from IBD intake 16 and 17 students helped me factor in my topic and provide some recommendations for my research on the financial independence of IBD students 3.1 How independent? many IBD students are financially Chart The students consider them to be financially independent Overall, it is evident that while the majority of people state that they are financially independent, some others state that they are not The pie chart makes it obvious that 70% of respondents choose "yes" when asked if they are financially independent Only 12 percent of respondents say they are not financially independent, compared to 18 percent who say they don't know or are uninterested in the subject Chart desire to become financially independent of IBD students Generally speaking, it is clear that the majority of people have a strong desire to achieve financial independence People have weak motivation, to say the least The graph shows that many people have a strong desire to be financially dependent to a degree of about 35% Additionally, nearly 15% of respondents indicated that their desire is really strong The percentage of respondents who state they are neutral is around 31% At the same time, around 20% of the people choose weak in the pie chart 3.2 The role of financial independence? Chart perspectives of IBD students towards financial independence Genarally, It is evident that the majority of people concur that financial freedom is crucial While few people have opposing views It quite obvious that stundents who agree with the idea hold 62% of the pie chart (more than a half), 24% of them answer neutral On the other hand, only 14% of individuals think financial independence is not important 3.3 Financial independence is a challenge for the young? Chart How much IBD students spend each month Overall, it is clear that the majority of respondents claim to spend over million per month However, very few people decide to spend 500k each month If you look closely at the pie chart, you can see that the people who spent more than three million account for half of it Additionally, responses from respondents who said they spent million and million were nearly identical at 20% and 18%, respectively 12 percent of people spend between million and 500k Chart Students who have debt In general, it is clear that the number of persons who say they have debt outweighs the number who say they don't It is evident from the pie chart that a greater percentage of students have debt than not However, 58 percent of the pie chart is made up of debtors, while the remaining 42 percent is made up of "no" respondents Chart Students have a plan to pay off debt Overall, it is clear that the majority of students have a strategy in place to pay off their debt Few people respond "no." Looking at the pie chart it is clear that 84% of the individual answer they have a plan While 16% not have any plan to pay the debt Chart Students who consider managing finances to be a challenge Overall, it is clear that the majority of IBD students find it difficult to manage their finances Students who respond "no" have the smallest percentage on the graph With 58 percent of respondents answering "yes," it is obvious that this is the greatest number Additionally, students' responses of "not given" account for 26% of the figure The remaining 16 percent are "no" respondents Chapter IV: Recommendation I was able to learn more about the financial independence of NEU students through the survey question, therefore I want to offer you some advice First off, the results of my survey make it abundantly evident that IBD students have received a sufficient level of education to achieve financial independence From my perspective, achieving financial independence is incredibly difficult, and people today can't find much information about it through various channels like social media, websites, newspapers, and so forth All of that information may increase your knowledge of how to become financially independent, which will enable pupils to alter their spending habits and conduct They will understand the value of prudent spending and saving for the future Additionally, I advise IBD students to learn more about financial independence because it can help us develop into well-rounded individuals in the future Additionally, the IBD atmosphere is the greatest location for you because it teaches subjects like computer proficiency and soft skills, which can help you manage and handle the money you have I would desire as a student that we take more IBD classes to learn more about the benefits and drawbacks of financial independence Chapter V: Conclusion Because I learned how to make cash flow statements and ratio analyses while conducting my study on financial independence, this project has been very beneficial to me My understanding of financial statements has improved, which is helpful in business and saving money every day The work I completed for this project enabled me to comprehend the methods, uses, and the value of financial independence so that I could easily grasp the performance of a specific business or firm and also know how to compile them in the future ... capacity to handle their money in such a manner that they have enough money to live the lifestyle they choose without the help of others Or, to put it another way, enough money to cover all of their. .. money or assets to cover one''s living needs for the rest of one''s life without having to work or depend on others is the state of being financially independent Passive income is a term used to. .. costs that come from either their own income or savings or from their spouse''s or partner''s income and/or savings at the ages of 23 to 24 to determine how financially independent they are Approximately