U.S. Census Bureau: Young adults today have more education and less money
High student debt and low job outlook, hashtags and living in mom and dad’s basement are trademarks of young adults today, called the millennial generation.
The U.S. Census Bureau released its American Community Survey: 2009-2013 on Thursday, which highlights the generational gap between 18- to 34-year-olds and young adults in decades past.
Nationally, young adults are well-educated and underemployed. Just 65 percent of young adults are employed. That number was 69 percent in 1980. Consequently, one in five young adults is living in poverty, up from one in seven in 1980.
Donny Dennis, 27, of Washington, was in Sam’s Club parking lot at Trinity Point on Thursday when asked about the statistics. He said while he is employed, it is more difficult to get a job, especially one that pays well.
The median income for millennials nationwide is about $33,900. The state median income is higher at about $35,600. The average income for young adults in 2000 was almost $38,000.
Mike Lodmell, 28, of Claysville, works at Sam’s Club. He wants to work as a police officer, which he said was easier in his father’s generation.
“All he did is say was, ‘I’d like to be a cop,'” he said.
Now degrees are required for the job. He said he was working toward his degree, but completing school was difficult because of a disability that made subjects like math more difficult, although he did well in his criminology courses.
Dennis said he decided to join the workforce instead of go to college.
“I’m procrastinating,” he said, adding that he is not sure what is holding him back.
While the percentage of young adults with bachelor’s degrees is about 4 points higher than in 1980, just about 25 percent have degrees.
The marriage age, too, is increasing. About 70 percent of young adults have never been married, whereas just 57 percent of young adults were unmarried in 1980.
Dennis said he is engaged. He said while many couples in his parents’ and grandparents’ generation were married for decades, he does not think that will be the norm for millenials.
“I don’t think their marriages are going to be as good, or last as long,” he said.
He attributed this to fewer “old-fashioned values” and morality.
Lodmell is married. But he said many people he knows don’t bother getting married for financial reasons.
“Too much money to get married. Too much money to get a divorce,” he said.