Young US adults lack economic security: Report
A new report by the US Census Bureau shows the majority of young American adults are failing to achieve educational and economic security and millions are idle, that is they neither go to school nor work.
The report, entitled “The Changing Economics and Demographics of Young Adulthood" analyzes the differences seen in young adults 18 years to 34 years of age over the last four decades.
The report found that in 2016, fewer than half of young adults between the ages of 18 and 34 years old had achieved educational and economic security.
The report also found that the number of young people living in their parents' home has increased in the past decade.
One in three young adults, or about 24 million, lived in their parents’ homes last year, and of those, 1 in 4, or 2.2 million, did not go to school and were not employed.
“The ideal age most Americans believe they should be financially independent from their parents is 21, but only 28.9 percent are actually reaching that goal,” said Jonathan Vespa, the author of the report.
"In 2005, the majority of young adults lived independently in their own household, which was the predominant living arrangement in 35 states," the report said. "A decade later, by 2015, the number of states where the majority of young people lived independently fell to just six."
Young people are also delaying marriage. In the 1970s, 8 out of 10 people married by the age of 30. Today, 8 out of 10 people are married by the age of 45.
The report also shows young men are "falling to the bottom of the income ladder" while just 14 percent of women were homemakers.
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