The New York Times on April 7, 2020: The Millennial generation is on its way out, but its problems will be magnified by the fact that its members are still the least likely to be employed.
According to a recent study, the median income of those aged 25 to 54, which is a snapshot of the middle class, is just $53,000, according to the Federal Reserve.
That is less than the median of $63,000 for the population as a whole.
By contrast, the earnings of Millennials grew in all age groups, from $17,000 to $53.2 million, according the report from the Center for Retirement Research at New York University.
But millennials are more likely to live in cities and to live with their parents, the study said.
So while they may be better off than their parents in other ways, they’re less likely to work full-time, save enough to retire, and pursue a career.
The survey found that while Millennials were less likely than their peers to have a bank account, they were more likely than other groups to have their own credit cards and to pay bills on time.
Millennials also are less likely — by 22 percent — to have health insurance.
Meanwhile, older generations are more reliant on public assistance, and the median age of the median household is 30.
A growing share of millennials also are working part-time and struggling to pay for college.
Millennials earn just $5,000 less than their elders, according, according some of the research.
Their median earnings rose 3 percent in 2020, from the previous year, to $51,600.
But that was less than 3 percent of the $64,300 the median earnings of those ages 25 to 34, which was a higher figure than the $63.4 million of that age group.
But it was up 10 percent from the $56,900 of those 35 to 54.
The median age is also a bit lower than the average of ages 25 and older, at 34.
Millennials are more than twice as likely as the average to be single, and they are also about three times as likely to have children.
In addition, they are more closely related to their parents than their counterparts in older generations, the report said.
The study also said that the millennial generation’s average annual income is $42,800, or less than $5 per hour, and it has the highest unemployment rate of any age group, at 5.5 percent.
The share of the population in which Millennials are unemployed is lower than that of their peers, but the number of Millennials who are in work is higher than the number who are out of work, the researchers found.
For the average Millennial, that means that, on average, the amount of time they are working is about half of what it was five years ago, and that half of the time is spent in paid work.
The rate of unemployment is lower for Millennials, but it is still higher than for other groups.
“The trend for Millennials is for them to get back to where they were before they got married and had kids,” said David T. Kessler, a demographer at the Brookings Institution.
“It’s not that the Millennials have moved on from being lazy or underemployed or anything, it’s that they’re not able to get into the same kind of jobs as their parents and grandparents and grandparents who worked in the old days,” Kessler said.
“If you’re working for a job that pays you about $15 an hour and you’re in a household where you have no children, you’re not going to want to move back and forth across the country or to go to college.
It’s just not going be an option for them.”
The millennial generation is in for a bumpy ride, according a study by the Federal Deposit Insurance Corp. and the University of California, Berkeley, released in May.
While the average millennial makes $52,000 a year, it will drop to $46,200 by 2036, and by 2060 it will be $40,000.
But for people who are not earning enough to live on, the financial struggles will continue, the two economists wrote in a paper.
“While the baby boomers will be older than their contemporaries in their prime earning years, they will continue to live their parents’ lives, and their children’s lives, for the foreseeable future,” they wrote.
The economists, who spoke on condition of anonymity, said the rising incomes of the Millennials would be an early sign that they were “retiring” and would be able to make their way into lower-paying jobs.
“In general, the Millennial cohort is going to be more reliant upon their parents for support than their predecessors were,” they said.