If you're like myself, you're from the generation of "millennials", and anybody who was born from 1981-1997 is a part of the "millennial" generation. We're the children of Baby Boomers or Generation X'ers. Our generation is a new breed of excitement, horror and DEBT. Yes, you heard right. Our generation is so much in DEBT that we're forced to prolonge our childhood and stay with mommy and daddy longer then many of us intended.
Why do so many Millennials live at home?
According to the 2014 Census Bureau, 30.3% of people aged 18-34 are still living with a parent(s). Compared to the 1980 Census Bureau, where 22.9% of people aged 18-34 were living at home. While, not too long ago, in 2000, only 23.2 percent of people aged 18-34 lived at home. We are at an all time high with adults who live at home. While many deem to claim to be saving, most millennials are in-debt and don't seem to have the money and/or resources to even afford rent, let alone a mortgage.
Millennials in the Workplace
The average millennial knows that having a college education eg. College degree is very lucritive in today's society. According to the Economic Policy Institute, its reported that roughly 8.5 percent of college graduates between the ages of 21 and 24 were unemployed. In comparison, the unemployment rate for all college grads over the age of 25 is 3.3 percent, which is still higher then normal. Many millennials are settling for what they can get, whether it be a retail position or a desk jockey job making peanuts to gain experience that will allow them to start a career in their feild of study.
"A college degree is no guarantee for a high income".
Going to college doesn't guarantee that you won't have to work as hard as your old man at the local fish market. In fact, all it means is that you put in 4 or more years of blood, sweat and tears of pointless academia that doesn't really prepare you for a career or on the job experience, it simply allows you to pass a state required test and have a peice of paper that said you completed a degree program. A peice of paper with no experience is worse than no peice of paper and years of experience. Experience is the golden ticket!
Truth is, many college grads are working minimum wage jobs. The number of college graduates working minimum wage jobs is nearly 71 percent higher than it was a decade ago, according to the Bureau of Labor Statistics' latest figures. Scary enough? Imagine having college debt of over 50K and a $8.00 an hour job at the local grocery store? Sounds like the reality for many of today's college graduates.
Marriage, children, a home? Get real!
Many millennials have this attitude. Marriage is starting to become a thing of the past, and done much later in life. It has its benefits. On average, many marraiges lasts the later you have them. Is it because we have no clue of a meaningful committed relationship? Maybe. Truth is, we just don't have a clue. Our generation is too busy wasting thousands and years of schooling, partying and sex. Yes, I said it! We're all about self. While the average age for an American woman to have her first child is 25.4, most young adults (20-somethings) don't have the financial resources to raise a child at this point in their lives. Mortgage? Ahhh, where do I start? I'd be lucky to afford a 1 bedroom condo. I cannot began to describe how lucky these 20-somethings are to afford a mortgage or who have a "Daddy Warbucks" banking on them while they complete graduate school. It's becoming a thing of the past to buy first home by 23 or 24, for the most part, many of us are bunking with friends or living in our "mamma's basement".
So, is it prolonged childhood?
Truth is, most young adults want to break away from the nest. We don't want to think that we're stuck with parents until we're 30, and we certainly don't plan to stay at home for so long. It's the circumstances that we live under in today's society. Living comfortably on a 50K a year salary for a family of four is nonexistent these days and times, depending on where you live. Having a high school diploma alone won't cut it and you're put on the same level as someone who had a 3rd grade education from 1940. Its the harsh reality of the times. We must as a group of young individuals strive for a higher sense of goals. Don't settle for less, but also be aware that everyone simply CAN'T be on top. Go into a field that you see yourself doing for the next 50 or so years. Have a plan to start saving. Community college is a very ecomical choice for many young adults who came from middle/working class families. I certainly don't regret my A.A. that was completely free of cost for me. I go to a pretty decent University with a great program that works for me and graduate in 30 days :-)
I'm not denying that many young adults today are lazy and feel that they don't need to "grow up". Many having "Peter Pan Syndome", the idea of growing up in today's society can be detrimental and scary to some, but its not fun to be a 60 year old child either.