Report: Millennials More Likely to Be Living in Poverty Than Previous Generations
More proof that millennials have it harder than their parents did has come out today in the form of newly released data from the U.S. Census Bureau.
Using data from the 1980, 1990 and 2000 Censuses, as well as the previous five year’s worth of data from their American Community Surveys, the Bureau concluded that more young adults (those between the ages of 18 and 34) are living in poverty and are unemployed today than were their counterparts in 1980.
There’s even some bad news for those fortunate young adults who are employed today: in 2000, employed young adults had median earnings of over $37,000; today, over a decade later, employed young adults have median earnings of less than $34,000.
The worst part about being broke? Significantly more millennials (30 percent) live with their parents than did their counterparts in the previous three decades (23-24 percent).
On the bright side, the Bureau found that millennials are more educated than the young adults of 1980, with 22 percent owning a college degree, up from a mere 16 percent in 1980.
And on the depends-on-how-you-want-to-look-at-it side, only 3 in 10 millennials have ever been married, which is half the rate of 6 in 10 young adults who had ever been married in 1980. If you’re a millennial who falls in the “marriage is great” side of things, Utah might be a good place to find a like-minded date, as 51 percent of young adults there are married. If, on the other hand, you subscribe to a “marriage sucks” point of view, Rhode Island has a bunch of likeminded millennials you can date, with only 25 percent of their young adult population being married.
Overall, the new data suggests that millennials aren’t cracking it bread-wise, and if millennial-underestimating CFOs and their companies have their way, millennials’ luck isn’t going to change very soon.
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