HuffPoCollege had an interesting post on a new survey of nearly 2,000 adults by retail trend research firm WSL Strategic Retail which said that one quarter of millennials, the generation aged 18 to 34, aren’t making enough money to cover basic needs. By comparison, only 17 percent of adults between the ages of 35 to 54, and 13 percent of those 55 and older reported having the same problem.
The results underscore the financial challenges young adults now face. At 54 percent, the employment rate for Americans aged 18 to 24 is at its lowest in more than 60 years, according to the Pew Research Center. On top of that, the current value of student loan debt is more than $1 trillion, greater than credit card debt.
As an editorial in the new issue of The Nation, the student loan crisis has had two effects. The United States, once the leader in the percentage of college graduates age 25 to 34, has dropped to sixteenth among thirty-six developed nations, with more and more students dropping out because they can’t afford the rising costs.
As a result of such finacial strain, many millennials are being forced to make serious lifestyle changes. Living at home is a big one as, last year, 5.9 million people aged 18 to 34 lived with their parents, according to US Census Bureau data cited by the Wall Street Journal.
What lifestyle choices has the recession forced on you? Please use the comments field to let us know.