Dear Millennials Living With Your Parents, You’re Not The Only One
There’s so much shame that comes with not being established at a certain age. Society would lead you to believe you haven’t arrived if you don’t have your own place, your dream career, and a significant other in your thirties. This is not true.
If you still live with your parents as a millennial, there should be no shame involved, because it’s not just you. People don’t advertise it, but in this economy, many people still live with their parent’s, and Her Agenda has gathered why.
Student Loans Won’t Pay Themselves
According to Education Data Initiative, when considering how many people within a generation have student loans, a larger percentage of the Millennial generation has student loan debt than other generations. In fact, 18.5 million millennials have outstanding student loan debt; 39.9% of all borrowers are millennials.
Student loans are the number one cause of people staying with parents; as soon as you graduate, you are expected to begin paying back student loans whether you have a job or not. Though this debt is considered “good debt” it can cause a serious strain on your pockets.
Stagnant Wages Are Equivalent To A Fixed Income
According to The Hill, there is an emerging disconnect among millennials, with 52% engaging in side hustles at work, and 46% not taking on extra work.
As a result, fewer millennials are in the middle class compared to previous generations. By contrast, 70% of baby boomers were middle class in their 20s, but only 60% of millennials achieved the same status, according to an OECD report.
Unaffordable Housing Makes Solo Living Almost Impossible
According to Fortune, the American dream is on life support for first-time homebuyers, new data shows, and the landscape will remain pretty bleak for a while. Young adults are staying with parents to save money or opting to house swap with baby boomer relatives to eke out a start in the housing market.
Additionally, those factors have gatekept the housing market from many first-time home buyers, who are typically younger generations like Gen Z and millennials. In fact, the housing market has become so unaffordable for these buyers, the number of first-time home buyers shrank to a historic low.
Caregiving Responsibilities For A Family Member Means You Have To Stay With Your Senior Parent
As reported by AARP, as of 2020, approximately 24% of caregivers in the United States are millennials. Furthermore, almost three in four millennial family caregivers are employed, and they are more likely than other generations of caregivers to be working. One in three employed millennial family caregivers earns less than $30,000 per year.
Millennials are actively taking on the position of caretaker. This also makes it hard to move out due to this large responsibility. While caretaking is an enormous task, many millennials also work fulltime as well.
A Lack Of A Safety Net Means It’s All On You
Millennials are the poster child for entrepreneurship. With the likes of social media, small businesses, and the arts, millennials aren’t afraid to go against the regular 9 to 5; however, where millennials lack is creating a safety net with insurance.
Liberty Mutual Group says that millennials may be pursuing entrepreneurship, but they take more personal liability risks than any other generation. According to a recent study conducted by Liberty Mutual Insurance, one of the largest small business insurers, only 12 percent of millennials who own their own business have business insurance, even though they are known for being the biggest worriers when it comes to their small business endeavors given the potential for financial loss.
In conclusion, millennial small business owners are unaware of what insurance is needed when it comes to their small business, putting them, and in some cases their employees, at risk. Many worry about the financial commitment (35%) compared to Boomers (29%), leading them to skimp on basic protection needed.
