Jobless and Searching for Meaning, Millennials Flock to Mom and Dad’s House
Millennials, more so than previous generations, have been forced to move home with their parents as they struggle with unemployment and job satisfaction, according to a new study.
Sixteen percent of millennials who have started their careers live at home due to financial hardship, and another 12 percent have moved home at least once in the past for the same reason, according to a new study by salary data company PayScale and consulting firm Millennial Branding. By comparison, only 8 percent of Gen Xers and 3 percent of baby boomers report having moved home in the past as a result of financial problems.
“Professionally and dating-wise, it really delays growing up,” says Millennial Branding founder Dan Schawbel.
However, with the U.S. unemployment rate at 7.2 percent and millennial unemployment estimated at 15.9 percent, many young Americans do not have any other options. Median pay for millennials is $40,700, compared to $55,100 for Gen Xers and $56,400 for baby boomers.
The study defines millennials as those born between 1982 and 2002, and Gen Xers as those born between 1965 and 1981. Baby boomers are identified as those born between 1946 and 1964.