For a good portion of young adults, leaving the nest and breaking free from mom and dad, just isn’t going to be happening anytime soon.
Back in 2006, an article by Reuters said, “[O]ne study found 80 percent of students on the eve of graduation did not have jobs lined up and 67 percent were not confident in their chosen career path.”
Four years later in 2010, CNN Money reported that nearly 15% of young adults ages 20-24 [found] themselves unemployed and moving back in with their parents.
CNN also reported the findings of a poll by Twentysomething Inc., which discovered that 85% of college seniors decided to move back home with their parents after graduating in May 2010.
With poor economic times, companies have been downsizing and outsourcing jobs to people outside the United States.
New to the game, college graduates are faced with large student loans and a rocky job market that’s increasingly requiring higher degrees and technical know-how.
The competition is stiffer than ever for the limited amount of positions open for college graduates who lack the working experience and bargaining power of more older and experienced workers.
For my showcase, I’d like to shed more light into the situation many of these former students are going through and defend the twenty-somethings who are still dependent on their parents.
Some people compare the early independence of youth in former generations to the youth today. However, times have changed and the youths of yesteryear barely needed a high school degree to land good jobs.
The generation of past youths married and started families at an earlier age, but today’s youth are more highly educated and wait longer to get married and start families.
They want to enjoy their youth and they’re willing to take more chances while they can, in order to find a career that suits them best.
Young adults have seen what the poor economy has done to more experienced workers and they’ve also seen more divorces.
With innovations in science and medicine, people can now live past their 70s. They don’t want to settle down just yet with anybody and they want to find the right thing for them now.
Far from the contrary, it’s not a stigma to still need your parents.
The founder of Twentysomething Inc, David Morrison said, “There’s almost an expectation that kids will move back home, there is no stigma attached. The thought now is to move home for 6-12 months but in reality those young adults will be home for a year and a half or longer. Even if they have jobs, they are living at home.”
According to Health Day, a study that appeared in the March 2011 issue of the Journal of Marriage and Family found that it’s normal and healthy for parents of 20-something year olds to provide financial and housing support.
The study goes against the myth that young adults receiving help are slackers who don’t want to grow up. The study also goes against the assumption that parents are spoiling their children and stifling their children’s independence.
“[Y]oung people do eventually become independent of parents as they grow older,” study author Teresa Swartz, said in a journal news release.
“Parental aid serves as ‘scaffolding’ to help young people who are working towards financial self-sufficiency and as ‘safety nets’ for those who have experienced serious difficulties,” Swartz said.
In all likelihood, most young adults won’t stay at home forever.
According to CNN Money, “The job picture for recent grads may be brightening. Employers expect to hire 13.5% more new grads from the Class of 2011 than they hired from the Class of 2010, according to a new study conducted by the National Association of Colleges and Employers.”