By: Joseph Simmons, Analytics
Millennials are not growing up, well, at least not as fast as they would like. As of 2013, 57 percent of these18-24-year-olds in the US are still living with their parents, and only 43 percent of them are employed, which is the smallest share since 1948.
Millennials are also waiting longer to get married. According to Pew Social Trends, the median age for marriage is now higher than ever before for both men and women (28 and 26-years-old, respectively). This is largely because the Youth and Young Adult market (YAYA) marriages are being delayed, as the rate for new marriages decreased 13 percent among 18-24-year-olds from 2009 to 2010.
So what is causing Millennials to delay their entry into adulthood and the workforce? Education.
According to the National Center for Education Statistics, the number of full-time students enrolled in postsecondary education has dramatically increased every year for the last decade. From 2000 to 2010, full-time enrollment increased 45 percent.
To many, a college education is a necessity in America’s increasingly service-based economy. Georgetown Center on Education and the Workforce expects that 65 percent of all U.S. jobs will require a college education by 2020.
Seventy percent of college students, and their families, believe that having a college degree is now more important than ever. Jumping into adulthood right out of high school is no longer an option for these YAYA students, and they are choosing to head off to college instead.
At the same time, college is also getting more expensive, and in 2011 alone, the cost of attending a public university for one year increased 11.7 percent (14.7 percent for private universities). For most YAYA students, this means one thing…debt.
Since 2005, the average student loan debt hasrisen 58 percent – from $17,233 to $27,253. Meanwhile, the number of people with student loans has doubled, and on a national level, student debt has quadrupled since 2003 amounting to more than $1 trillion today. Based off these staggering numbers, it’s no wonder more and more recent graduates are moving in with their parents while they find their financial footing.
However, it’s not all bad. By delaying their entry into the working world in favor of higher education, we can look forward to a new generation of highly educated, and possibly financially responsible, YAYA workers.
What do you think? Does delaying adulthood hurt or help Millennials? Could it help society?
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This entry was posted on Friday, September 27th, 2013 at 2:16 pm
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