Despite the improved economy and lower unemployment rate, Millennials continue to live with their parents. A study published by Pew Research Center titled "More Millennials Living With Family Despite Improved Job Market" revealed that Millennials or those born from 1980 to the early 2000s have not been living independently.
Through the Current Population Survey, Pew Research Center analyzed data collected for a period of time and discovered that Millennials are still living at home with their parents. According to Washington Post, they are actually more likely to love at home than during the Great Recession.
"The declining numbers reflect a decrease in the rate of independent living during the recovery," Pew Research Center's Economics and Education senior researcher and study author Richard Fry wrote. "This may have important consequences for the nation's housing market recovery, as the growing young adult population has not fueled demand for housing units and the furnishings, telecom, and cable installations and other ancillary purchases that accompany newly formed households."
In recent years, The Christian Science Monitor reported that the total number of young people living in shared households (doubled-up households) has also increased and mostly composed of Millennials. While a young person living with their parents is considered to be "doubling up."
So, as life becomes harder for Millennials, here are 5 need-to-know facts about the largest generation in the United States.
1. Millennials' economic well-being is in danger. As reported by The New York Times, the most educated generation in history is on track to becoming less prosperous financially than its predecessors. They are facing a slow economy, high unemployment, stagnant wages and student loans, which limit their ability to maintain a reasonable lifestyle and to save for the future.
In longer term, growing federal debt payments and increased spending on Social Security and Medicare will wreak a huge financial burden on them, threatening their own prospect of receiving promised retirement benefits.
2. Millennials are the largest generation in the U.S. and is representing one-third of the total American population in 2013, The Council of Economic Advisers revealed on their report. They were the children of the Greatest Generation but may also be the most irresponsible one.
3. The significance of Millennials spreads beyond their numbers. It is the first generation to have had access to the Internet during their formative years. They also stand out because they are the most diverse and educated generation to date.
4. Known as the Generation Y, Millennials have been considered as the "grab-and-go" generation, with 29 percent saying that they often purchase food and drink while on the run compared to the 19 percent of overall consumers, Time noted.
5. Both Millennials' parents and Millennials themselves have made substantial investments in their human capital. Many of these trends are economically reasonable responses that will likely pay off for many Millennials over the long-term.
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