Adulthood Delayed: What Has The Recession Done To Millennial

Adulthood Delayed What Has The Recession Done To Millennialsthe Gre

Adulthood, Delayed: What Has the Recession Done to Millennials? The Great Recession didn't just postpone financial independence for millions of young Americans. It also changed our attitudes about what it means to be an adult. Generations are social constructs. There is no chemical or biological difference between Gen-Xers and Millennials, but we talk about them as if they were different species. That Gen-Xers grew up "independent" and Millennials grew up "entitled" aren't anthropological observations. Rather, they're marginally useful stereotypes. If it's true that members of a certain age group have commonalities that they don't fully share with older or younger groups, this isn't the result of generational determinism. It's just circumstance. The circumstances surrounding the Millennial generation are particularly strange.

Many came of age in the longest economic expansion of the 20th century and graduated into the worst recession since the 1930s. The abrupt contraction of opportunity has left a mark. Unemployment among 18- to 24-year-olds was 16% in 2011, twice as high as the national average. Median earnings fell more for the young than any other cohort, and college debt, most of which is held by 20-somethings, is at an all-time high. With education comes opportunity.

That's the deal, as this generation understood it. Now, they're the highest-educated generation in American history, and they've graduated into ... this. When adults wonder what's the matter with the Millennial generation that has increasingly chosen to live with their parents and put off marriage and homeownership, the first thing to say is that they're using the word "chosen" wrong. Nobody chose this. The economy chose for them.

In August 2010, Robin Marantz Henig observed in New York Times Magazine that Generation Y (the Millennials) has pushed back each of the five milestones of adulthood: completing school, leaving home, becoming financially independent, marrying, and having a kid. Why won't Millennials grow up? she wondered. The biggest reason is they can't, according to the Pew Research Center's fantastic new survey "Young, Underemployed, and Optimistic." It begins with school. The good news is that more young adults are enrolled in school than ever. The share of 18- to 24-year-olds enrolled has increased by 50% since 1990.

That's awesome. Less awesome is that the cost of college is rising, too. Average debt for public college students doubled between 1996 and 2006. It's less advisable to invest in marriage with $30,000 in student debt as a couple. "More than one-in-five young adults ages 18 to 34 (22%) say they have postponed having a baby because of the bad economy," Pew reported. "Roughly the same proportion say they have postponed getting married." If school years delayed financial independence, the Great Recession just about shattered it. Due to economic conditions, 24% of young adults have moved back in with their parents for a significant period of time. "Among those ages 25 to 29, the share moving back home rises to 34%," Pew reports. One in three! The new economic reality is changing the way we think about adulthood.

It's not that adulthood has changed, necessarily, but that the road to financial independence is getting longer and more fraught. In 1993, a Newsweek poll found that 80% of parents said their young children should be financially independent by 22. Now that up to one-third of those very same parents are still living with their kids, one-third of today's parents say children "shouldn't have to be on their own financially until age 25 or later." Many in this "boomerang" generation that leaves the nest only to fly back home for their 20s are still in school. But many actually have jobs that just don't pay enough to make an independent life affordable or desirable given the overhang of debt and the option to live at home.

The years between 2007 and 2011 weren't good for any generation. The pain of the Great Recession didn't discriminate by age. But the hardest hit in terms of pay were the youngest. Their median weekly earnings fell 6% in those four years, considerably worse than any other group. Meanwhile, the cost of college tripled since 1980. Some people liken a career path to a staircase. One group ascends through college and steps off into an entry-level position, only to clear the way for the next group to ascend and disembark into the labor force. But the staircase has changed. The burden of climbing has increased. The rewards have declined.

What makes Generation Y different from all other generations? They're getting married later. They're having babies later. They're buying fewer homes, and living with their parents. Are they scared of adulthood? Maybe. Culture is complicated, and there are plenty of factors outside of the Great Recession that are shaping Millennials' conception of adulthood and family life. But it certainly seems like the story begins with economics. Consider the declining appeal of homeownership. The idea that a couple should participate in an ownership society by buying a home has dissolved. Just 12% of whites between 18 and 34 told Pew that owning a home was "one of the most important things" in their life. In a nation where homeownership rates peaked at 67% just seven years ago, that's a remarkable shift in expectations. And what is the declining appeal of a massive mortgage if not the natural result of an economy that has stiff-armed millions of young students, stuck them with thousands in debt, and forced up to one-third of them into living with their parents when they expected to be cultivating a career? Adulthood has probably been delayed, permanently, for better or worse.

It's not just the recession, which has interrupted plans for financial independence. It's young people who have delayed plans for their own financial independence, by going to school. Every year, more twentysomethings are graduating from college than the year before. We should celebrate this, mostly. College debt might be the best investment in the world. But with more twentysomethings in school, fewer people in their early 20s will be getting married, buying houses, or having children. This the logical result of our choices. Blame the Great Recession for delaying adulthood for millions of Millennials. But "blame" the Millennials, too.

Paper For Above instruction

The concept of adulthood has historically been associated with certain life milestones such as completing education, attaining financial independence, getting married, and owning a home. However, recent socioeconomic shifts, notably the Great Recession, have significantly delayed these milestones among the Millennial generation. This paper examines how economic downturns have reshaped the timeline to adulthood for Millennials, analyzing factors like employment prospects, student debt, living arrangements, and cultural perceptions of maturity.

The Great Recession, which began in 2007, profoundly impacted the trajectory of young adults in the United States. Unemployment rates soared among the 18-24 age group, reaching 16% in 2011, which was double the national average (Pew Research Center, 2012). Median earnings also fell sharply for this cohort, especially compared to older generations. This economic hardship was compounded by rising college costs, which doubled average student debt between 1996 and 2006 (The College Board, 2008). As college became more expensive, the financial burden increased, delaying post-graduation independence and access to the housing market.

Many Millennials entered the workforce during an economic downturn, resulting in underemployment and lower wages. The median weekly earnings for young workers declined by 6% between 2007 and 2011 (Bureau of Labor Statistics, 2012). The result was difficulty in saving for major life events such as marriage, homeownership, or starting a family. Consequently, a significant portion of Millennials has delayed these traditional milestones. Pew Research Center's 2012 study found that about 22% of young adults postponed having children due to economic reasons, and an equal percentage postponed marriage (Pew Research Center, 2012).

Housing attitudes among Millennials have shifted markedly. Homeownership rates have plummeted from a peak of 67% in 2004 to approximately 63% in recent years (U.S. Census Bureau, 2020). Only 12% of whites aged 18-34 consider owning a home a top priority (Pew Research Center, 2015). This decline reflects economic realities—massive student debts, stagnant wages, and fears of economic instability. Many young adults, unable to afford homeownership or burdened by debt, choose to delay or forgo buying homes altogether, instead opting to live with parents or in shared arrangements.

The delay in achieving financial independence has led to substantial changes in family formation patterns. The 'boomerang' phenomenon, where young adults move back in with parents, has increased dramatically. Pew reports that 24% of those aged 18-24 and 34% of those aged 25-29 have returned to their parental homes for extended periods (Pew Research Center, 2012). This living arrangement, once temporary, has become a permanent fixture for many due to economic necessity rather than choice.

Comparatively, the traditional pathway to adulthood—finishing schooling, establishing financial independence, marrying, and starting a family—has been extended by several years. Parents' expectations have shifted too: whereas 80% believed children should be financially independent by age 22 in 1993 (Newsweek, 1993), now many parents see financial independence as viable only after age 25 or later.

Culturally, Millennials are redefining what it means to be an adult. They tend to marry later, have children later, and exhibit different priorities concerning homeownership and employment. The economic disruptions are central to this shift, with affordability, debt, and job stability acting as barriers. This redefinition may have long-lasting implications on societal structures, including workforce composition and demographic trends. While some attribute these shifts solely to economic factors, cultural and technological changes play roles as well.

In conclusion, the Great Recession has played a pivotal role in delaying traditional adulthood milestones among Millennials. Economic hardship—characterized by high unemployment, stagnant wages, and mounting student debts—has altered the timeline and nature of adult life. These changes underscore the importance of economic stability in shaping societal notions of maturity and independence. Moving forward, policy interventions aimed at reducing student debt, boosting wages, and improving job prospects could help restore earlier transitions into adulthood. Until then, Millennials' delayed milestones are likely to persist, reshaping the concept of adulthood in the 21st century.

References

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