Millennials Aren’t Working – By the Numbers
More than one-third of Generation Y (also known as Millennials and categorized as those born in the early 1980s to the early 2000s) are living with their parents, according to a Pew Research Center report. That works out to 21.6 million people. More Millennial numbers: 2012 saw only 63 percent of young adults with jobs, down from 70 percent only five years before. Richard Fry, author of the study pointed out the correlation between working and having your own place to crash. “…Having a job is a springboard to being able to have independent living arrangements.”
The unemployment rate for 18-to-29-year-olds is estimated to be as high as 16 percent. Though one-third of 25-to-29-year-olds have at least a bachelor’s degree, hiring managers don’t believe they’re ready for the workforce and seem to be slanting their hiring towards people with experience for entry-level spots.
Millennials appear to be victims of the “jobless recovery,” a term thrown around that makes the point that, though the stock market is performing well and money is being made, there are fewer jobs as a percentage of the potential number of workers. And THAT is why so many young adults have been forced to get comfortable in their parents’ basement. (Image: Flickr | erix!)