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by Robert Donachie
A quarter of millennials living at home with their parents have no job and no responsibilities. Essentially, 25 percent of 18-to-34-year-olds in the U.S. living under their parents’ roof are on an extended vacation but not entirely by choice.
The U.S. Census Bureau released a comprehensive study Wednesday analyzing the economic and demographic changes of young adults from 1970 to 2016. Nearly 1-in-3 millennials live at home with one-in-four living idly, meaning they neither go to school or work. That’s approximately 2.2 million people.
Source: U.S. Census Bureau
The majority of the 2.2 million have a high school degree or less, over half of them are male, and about 20 percent of them have at least one child. A quarter of the group also has some type of disability.
The report also found another interesting development among young cohorts. Unlike their parents and other previous generations that chose to get married young, millennials are pushing their marriage prospects back rather dramatically.
“In the 1970s, 8-in-10 people married by the time they turned 30. Today, not until the age of 45 have 8-in-10 people married,” the report found.
While the finding can be rather shocking, it may not come as a surprise to those who are aware of recent findings regarding Americans’ beliefs on marriage and parenthood.
The vast majority of Americans hold to the belief that educational and financially lucrative accomplishments are important milestones of adulthood. Those beliefs stand in stark contrast to their feelings about marriage and parenthood.
“Marriage and parenthood rank low: over half of Americans believe that marrying and having children are not very important in order to become an adult,” the Census Bureau reports.
Despite a less than stellar picture the recent Census Bureau report paints, major banks like Goldman Sachs are forming specific millennial-focused strategies to bring in this new swath of consumers. Picking up on demographic shifts among millennials, who are largely choosing to rent properties rather than investing in home ownership, Goldman is looking at forms of lending and credit to accommodate millennial habits.