We’ve highlighted in multiple blogs the issues and challenges facing the Millennial generation in terms of beginning their lives. I have four Millenial children among the five that my wife and I have. We see first hand the barriers that they and their friends/peers face regularly. The following graphs should wake everyone up to this reality.
As a result, women are marrying later, if at all, and having fewer children. This trend could impact future economic growth. We recently reported that the median age for a first-time buyer in 2017 was an astounding 42 years-old (it used to be 34). Furthermore, in 1975 only about 25% of 30-year-old men earned less than $30,000/year. In 2016, 41% of 30-year-olds made <$30,000. How could that be?
At the same time that Millennials are seeing their wages flatline, we are asking them to pick up the slack from corporate America, who are paying less to support medical and retirement expenditures despite record profits. Is there any wonder why anxiety levels have skyrocketed in the last couple of decades.
I can hear some of my friends saying “move” if it costs too much where you live. But, the reality is that there are many reasons why someone is tethered to a particular area. What we should be doing is figuring out how to create higher quality jobs with greater wages so that our children can meet their basic living expenses while hopefull socking a few shillings away for retirement.