Written By Sophie Okolo
A new study by the Pew Research Center shows that many Millennials who have jobs still live with their parents. The unemployment rate for Gen Y is currently at 7.7 percent, which is back to the pre-recession time. While having a job is beneficial in today’s economy, society still views this age group as one that is delaying important aspects of adulthood, such as moving out of their parents’ home.
According to Richard Fry, economist and lead author of this new study, “The group that was hit the hardest—young adults—are now getting full-time jobs and earnings are tracking upwards. But the surprise is that with the recovery in the labor market, there are fewer young adults living independently.”
For many reasons, Millennials continue to face many pressures due to stereotypes. This might seem fair since Gen Y has common characteristics amongst each other, despite their various attitudes toward many issues. While this generation is perceived as narcissistic based on personality surveys, which showed increasing self-absorption for themselves, they still have a strong sense of community both local and global. In comparison to prior generations’ prime years, the Millennial generation seems to change their opinions if they feel it satisfies their approach to social change. For instance, abortion, gender roles and the Affordable Care Act are some topics that Gen Y is changing the discussion in society.
Although many Millennials are yet to leave their parents’ homes despite having jobs, this age group has proven to be financially responsible. Living with family has allowed Gen Yers to save money for other important expenses including student loans, business ventures and more. If a parent and child have healthy and similar expectations, then the arrangement will be favorable to both parties.
Regarding marriage, “people living independently tend to be better educated and college educated people tend to delay marriage or not marry at all,” Fry said. While this is factual, it is not typical of every Millennial.
Owning a home and getting married are important, but this age group needs to decide for themselves, or with the help of family and friends, if they should be considered priorities. The key fact is that adulthood does not only mean having a job, owning a home or getting married. It means maturity in every aspect of life.
Are you a Millennial who still lives at home?