About 300 million more jobs will be needed to employ the young people entering the workforce in the next decade. The Pew Research Center found that the percentage of 18- to 29-year-olds in the US who were employed full-time dropped by 9% from 2006 to 2010, while their earnings also decreased since 1980. By 2015 more than a third of US workers were Millennials; at more than 53 million they are the largest group of workers and 40% of the unemployed (down to 14% of young people aged 18 to 29 in 2015).[i] They’ll be almost half of the workshop by 2020. The number of young people making less than $25,000 climbed since the 1990s and 44% of college graduates work in low-wage jobs resulting in more frugal living for “The Cheapest Generation.”[ii] More than half of “Kidult” (a term coined by the London Times) ages 19 to 22 are partially dependent on their parents[iii] due to recession, staying longer in college, increased tuition costs, and being the first generation raised by very involved “Velcro parents” staying in frequent contact with electronic
[i] Richard Fry, “Millennials Surpass Gen Xers as the Largest Generation in the U.S. Labor Force, Pew Research Center, May 11, 2015.
Leah McGrath Goodman, “Millennial College Graduates: Young, Educated, Jobless,” Newsweek, May 27, 2015.
[ii] Ashley Stahl, “The 5.4% Unemployment Rate Means Nothing for Millennials, Forbes Magazine, May 11, 2015.
[iii] Diane Swanbrow, “How Much Money Parents Give to College-Age Kids,” Institute for Social Research, May 3, 2012.