Census Finds Millennials Put Their Lives On Hold Due To Weak Economy
2013 figures from the Census Bureau have disproven notions about the economy’s alleged recovery and how it has been affecting millennials and recent grads. College graduates who aren’t moving out of their parents’ house, shacking up with roommates, working low wage jobs (while looking for the ones they want) and who are unable to purchase homes are being referred to by demographers as “Generation Wait.”
Huffington Post reports, “Among adults ages 25-29, just 4.9 million, or 23.3 percent, moved in the 12 months ending March 2013. That’s down from 24.6 percent in the same period the year before. It was the lowest level since at least 1963. The peak of 36.7 percent came in 1965, during the nation’s youth counterculture movement.”
What are considered to be traditional markers of adulthood are being put off due to a crap economy. No one can afford to move and the entry-level positions that should be available simply are not.
“Young adults typically make long-distance moves to seek a new career, while those who make local moves often do so when buying a home.” But we have no money and those are lucky enough to have any kind of job aren’t exactly rolling in the dough.
I am sure none of this comes as a surprise to any of you. It’s just great when the freaking CENSUS bureau can confirm what we already know. It’s so obnoxious the way the media portrays millennials as lazy, entitled and incompetent when the reality is things are actually not in a good place for us to make any kind of transition into financial independence.