According to a new U.S. Census Bureau report, the millennial generation has been reversing some of the social trends that were true of previous generations. For example about one-third of all millennials still live with their parents. They also apparently rely on them financially as well. The millennial generation is also postponing marriage, having children later, and buying homes later. Instead, they are pursuing education and various job opportunities.
Many of these reversed trends have taken place recently. In 2005, only 25 percent of those between the ages of 18 and 34 lived with their parents. Today, that number is 34 percent. To put this in perspective, more people in that age group live with their parents (22.9 million), than live with a spouse (19.9 million).
Education is one reason for this remarkable change. Young women are much more likely to attain a college degree than just a few decades ago. They are also much more likely to have a full-time job. By contrast, young men are slightly less likely to be employed than in the recent past.
Another study done by the firm, Age Wave, in partnership with Merrill Lynch uncovered how much parents were financially helping their adult children. When Mom and Dad give their adult children $100 here and $200 there, it adds up. The average amount given is $6,800 annually. Some financial counselors suggest that parents reconsider this and instead shore up their own retirement nest eggs.
Millennials are also marrying later in life. In 1976, 85 percent of women and 75 percent of men had been married by age 29. Today, only 46 percent of women and 32 percent of men say they were married before they turned 30. Instead, many more are living together. Cohabitation has grown 12-fold over the last 40 years.
These trends show how the millennial generation is changing the world around us.