Millennials: Coming of Age in a Recession

MILLENNIALS COMING OF AGE IN A RECESSION NOTE: The exact age cohort identified as "Millennials" AKA "Generation Y," "Generation Next," the "Net Generation" or "Echo Boomers" varies by source, but generally includes those born between the late 1970s to early 2000s. The 2007-2012 global financial crisis has hada major impact on this generation which has led to speculation about possible long-term economic and social damage.. FINANCIAL IMPACT $$s }37% { 18-29 year-olds who are unemployed or out of the workforce The average college graduate has approximately $25,000 in student debt. If he/she was to make payments of $200/month towards their loans with an interest rate of 3.4% (when interest rates of Federal loans were at their lowest in 2011), it would take a graduate nearly 13 years to pay off the loan. 2012 2013 2014 2017 LOAN REPAID! 2015 2016 2019 2020 2018 2023 Millennials who say 2021 2022 2024 they are able to pay 58% {$$$$$$$$$$ their bills on time SOCIAL IMPACT&8: Nearly 1 in 3 young workers live at home with mom & dad 121% Millennials who are married (half the percentage as their parents' generation at the same age) 51% Just over half of all births among Millennials in 2008 were to unwed mothers, compared to just 39% in 1997 So it is no surprise that parents and grandparents of this generation worry about the financial wellbeing of their children and grandchildren, but offer hopeful advice... ADVICE TO UNEMPLOYED COLLEGE GRADS Work as an intern to gain experienceI 7%7 Take a part-time 8% tinuing to job searc Take a job outside your field of study Network and search for a job full time Go back to school and further your educationI 12% 30% 20% 23% Other Spectrem's MILIONAIRE brought to you by 2 CORNER Milllionaire Corner millennials-come-age/ Other data sources: 1. www.forbes.com/sites/prospernow/2012/01/11/millennials-divorce-marriage/ www.foxbusiness.com/news/2012/04/17/your-money-generation-lost- FORINVESIOS ABOUT MESIO 3. www.pewsocialtrends.org/2011/03/09/for-millennials-parenthood-trumps- marriage