- A new study has revealed that young people in America today have a pessimistic view of their financial futures.
- Almost half (47%) of 18 to 24-year-olds in Pennsylvania believe they will not achieve the same levels of financial security as their parents.
- On average, these young Pennsylvanians expect to earn a maximum income of $64,314 per year in their lifetime.
A recent study by Teachable revealed that the majority of 18 to 24-year-olds don’t expect to have the same levels of financial security enjoyed by their parents. This is particularly true for those living in Pennsylvania, where expectations are low compared to other states. Let’s take a look at the findings of this study and what it means for young Pennsylvanians today.
Young Pennsylvanians Have Pessimistic Views on Financial Future
The study found that almost half of 18 to 24-year-olds in Pennsylvania don’t expect to have the same level of financial security as their parents. They also reported expecting to make an average maximum income of only $64,314 per year in their lifetime – significantly lower than the national average of $70,930. This finding is especially concerning given that Pennsylvania has one of the highest levels of income inequality in the nation.
On the flip side, young people living in Hawaii were found to be much more optimistic about their earning potential. They reported expecting to earn an average maximum income of $84,441 per year – 77% more than the state average. This suggests that young people living in Hawaii may have access to more resources and education opportunities which can help them reach higher levels of success and financial security.
Finally, young people living in Oklahoma were found to be somewhat cautious when it comes to earning big bucks. They reported expecting to earn a maximum income of $45,486 which is 21% more than the state average but still significantly lower than other states like Hawaii or California. This suggests that there may be fewer resources available for young people living in Oklahoma which could limit their earning potential over time.
Side Hustles for Pennsylvanians: How to Maximize Your Earnings
Are you a Pennsylvanian looking to maximize your earnings? With the rise of side hustles, it’s easier than ever to add an extra stream of income. From driving for a rideshare company, delivering groceries, dog walking, or even turning your knowledge and skills into an online course – there are plenty of opportunities available. Let’s discuss some of these side hustles and how you can make the most out of them.
Rideshare Company Driving
One of the most popular side hustles is driving for a rideshare company such as Uber or Lyft. It’s relatively easy to get started with this type of gig – all you need is a valid driver’s license and a vehicle that meets the requirements in order to be eligible. Additionally, many companies offer flexible hours so you can work when it’s convenient for you. Just remember that since this is an independent contractor position, you will need to pay taxes on your earnings in addition to any expenses incurred from being on the road (e.g., gas).
With more people staying home due to COVID-19 health concerns, there has been an increase in demand for grocery delivery services such as Instacart and Shipt. To become a shopper/delivery driver with one of these companies, all you need is reliable transportation and smartphone access. However, keep in mind that certain cities require additional licenses or permits so make sure you check local regulations before signing up! Once approved, it’s simply a matter of selecting delivery times that work best for your schedule and accepting orders accordingly. This can be a great way to make extra money while also helping your community by providing essential services during these uncertain times.
Dog Walking/Pet Sitting
If working with animals sounds like something up your alley then consider dog walking or pet sitting as another option for earning extra cash! All it takes is some basic training (if necessary), availability at certain times throughout the week and weekend depending on customer needs, plus reliable transportation if customers aren’t within walking distance from where you live. Dog owners are willing to pay top dollar for quality care—so if you think this could be up your alley then start researching local businesses that offer these services and see what type of qualifications they require (e.g., insurance).
No matter where in Pennsylvania you live—big city or small town—there are plenty of side hustle opportunities available to help boost your income potential! Before getting started though it’s important to do some research in order to understand which options might work best depending on your skill set, lifestyle needs, etc. However, once everything is set up correctly, side gigs can be an excellent way to supplement income while ensuring that every penny counts towards achieving financial freedom!
Young Pennsylvanians Lack Financial Optimism
Nevertheless, Teachable’s study reveals some interesting insights into how young Pennsylvanians view their financial future and how this compares with other states across America. While it’s encouraging to see that young people living in Hawaii are particularly optimistic about their earning potential, it’s worrying that those living in Pennsylvania are not expecting much from themselves financially and may lack access to resources that could help them reach higher levels of success over time. It’s important for policymakers and educators alike ensure that all young Americans have access to educational opportunities so they can achieve their full potential regardless of where they live or come from.
MyChesCo is a great way to stay up-to-date on all the news and information happening in Chester County. We provide comprehensive coverage of news stories, events, government, business, and much more. Be sure to sign up for our newsletter and follow us on social media so you never miss a thing!
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News.
Thanks for visiting! Looking for some Chester County pride? We got you covered! Shop our MyChesCo store and show your love for Chester County, Pennsylvania. We got shirts, hats, and more – all with a unique ChesCo flair. Plus, proceeds from each purchase helps support our mission of bringing reliable information and resources to the people of Chester County.
This article is intended for informational, entertainment or educational purposes only and should not be construed as advice, guidance or counsel. It is provided without warranty of any kind.