Younger generations are now adults, but how do they compare to older generations?
The answer depends on the fact that they went to college, according to a report from the Pew Research Center. The good news is that millennia, born between 1981 and 1996, are more educated than any generation before them. The bad news: The economic gap between those who have graduated from university and those who have not done so is large.
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Pew examined seven categories: education, employment, income and wealth, housing, family, voting and the future of the population. Here are some examples of comparisons between millennials:
• Education: Nearly four out of ten youth have at least a bachelor's degree, compared to 29% of generation X, 25% of baby boomers, 24% of first baby boomers and 15% of the silent generation. By way of comparison, 30% of the silent generation had less than a high school diploma and 43% were high school graduates, compared with 8% of Generation Y women with less than a diploma high school and 25% having dropped out of high school. Millennials are more likely to earn a bachelor's degree than their male counterparts, a trend similar to Generation X.
• employment: Millennials have the reputation of never staying too long at work, but they stay with an employer as much as their Gen X counterparts of the same age. Almost eight in ten women (79%) and 77% of Gen Xers at the same time in their lives reported working for their current employer for at least one year and one month. Half of these groups reported working for their employers for at least five years.
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Most young women participate in the labor market, a trend that began with baby boomers. Women may be less likely to be spared for retirement as they may earn less than men in similar positions or leave the workforce to care for a sick child or loved one. Politicians, including President Trump and Elizabeth Warren, a Democratic senator from Massachusetts who is running for president in 2020, have expressed interest in proposals for paid vacations that would offset child care expenses and expenses. Help families, but especially women, to save more for retirement.
• Income and wealth: According to Pew, millennial household income stood at $ 71,400, representing a median income of $ 70,700 for Generation X in 2001 (adjusted to 2017 dollars and according to household size), according to Pew. Household income is intended for everyone living in the household, which for Generation Y may include non-spouses or family members. (Many Generation Y women simply can not afford to live alone, so they opt for roommates if they do not marry or live with their parents).
Although the wages of young adults have remained relatively stable over the last 50 years, millennials with a university degree do better than those without a bachelor's degree. College graduates had a median annual salary of $ 56,000 in 2018 if they had a bachelor's degree, compared to $ 38,900 for those with only a limited amount of college education. For millennial households, the median adjusted household income was $ 105,300 for those with at least a bachelor's degree, compared to about $ 49,000 for high school graduates. The difference of $ 56,000 is very different from that of previous generations, $ 41,200 for late baby boomers and $ 19,700 for the silent generation.
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• Housing, family and future: The millennial generation is expected to outpace the number of baby boomers in 2019, with 73 million members, in part because of immigrants arriving in the United States. between 1997 and 2012), should be the "most diverse and best educated generation to date," expects Pew.
Just like their stereotype of postponing the milestones and responsibilities of adults, the Millennials persist in getting married and starting a family. Less than half of the millennials (46%) are married, compared to the 83% of the silent generation who married at the same time in their lives. Millennials are also waiting to have children. Less than half of Generation Y women (48%) were mothers in 2016 when they were between the ages of 20 and 35, compared with 57% of Generation X women of the same age in 2000 and 58% of women in boom in 1984.