A new census report conducted by Freida Birnbaum, a research psychologist in New York City, about millennial independence after college graduation stated as of 2016, 41 percent of men aged 25 to 34 have incomes of less than $34,000 and one third of young adults between ages 18 to 34 are still living with their parents.
Of those living at home, about a quarter of them do not work or attend school at a university or trade school.
Birnbaum cites an economy which is “much more volatile and unfriendly today, especially to those just graduating school,” as the reasoning for this. She also mentions it can be mentally distressing to be unemployed and living with your parents during your peak years.
“My dad immigrated to America in the early 2000s and he agrees that our culture used to be more laid back,” Shay Radhakrishnan, a sophomore studying management information systems, said. “During the recession, businesses started overworking fewer employees and haven’t hired new people.”
Carrie Newby, a freshman studying human development and family science, said she has been living on her own since her junior year of high school.
“I feel like it all depends on how determined you are as a person to find success in life,” Newby said.
“I think a big part of it is the companies themselves and how they hire,” Tara Smart, a freshman studying French, said. “A good chunk of millennials are working jobs that don’t require their degree or don’t require a degree at all.” Smart added, “It just seems like big, stable businesses are asking for their starter positions to be filled by people who have already broken in to their industry and established themselves for at least a handful of years. But the pay is still hovering at starter position salary.”
Birnbaum could not be reached for comment before press time.