HOUSTON, Texas - According to data from the U.S. Census Bureau, one in every five millennial live in poverty. Millennials are those aged 18-34.
Jack Plunkett analyzes trends in the professional world, and says the job market is in a bit of a slump.
He says, “The jobs that have been growing, have pretty much been in services, and have been lower paying jobs, so even millennials who have found work are not making money they need to get ahead.”
35 years ago, only 14.1% of the same age group was poverty-stricken, but these days 19.7% of millennials are on the poverty line.
Officially, poverty is considered making less than $11,670 a year for one person, or $15,730 a year for a 2 person household. It’s hard to afford college debt on that salary.
“A lot of young people are coming out of college with four-year degrees and still finding they can’t find a good job…. So a lot of people are working part-time and really are what we call under-employed,” explains Plunkett.
Part of the problem might be their parent`s generation leaving the workforce later in life, but don`t blame mom and dad. The data also shows 30% of young adults today live with their parents. That’s up from 23%, 30 years ago. We doubt a 30-year-old living in the basement was part of their retirement plan.