Study: Young adults hit hard by economic woes
February 21, 2012
A new study conducted by the Pew Research Center reveals that individuals under the age of 35 have been hit especially hard by the recession.
The national survey of more than 2,000 American adults found that 41 percent believe that younger adults have been hit harder by the negative economy than any other group.
In addition, 69 percent said it's more difficult for today's young adults than their parents' generation to pay for college, find a job, buy a home or save for the future.
The study also found that the number of young adults who are employed stands at about 54 percent - the lowest since the government began collecting these data in 1948. The gap in employment between the young and all working-age adults - roughly 15 percentage points - is the widest in recorded history. In addition, young adults employed full time have experienced a greater drop in weekly earnings (down 6 percent) than any other age group over the past four years.
"Young workers are on the bottom of the ladder, and during a recession like we've had, it's often hard for them to hold on," said Kim Parker, associate director of Pew's Social & Demographic Trends project, according to the Associated Press. "They are clearly less satisfied with their current circumstances than they were before the recession. They have a long way to climb back, and a lot of displaced workers to compete with."
In order to bide their time until the economy and the job market rebounds, many have decided to go back to school. The survey found that than one-third (35 percent) admit to this strategy.
Adults and parents of all ages often decide to begin or finish a college degree for a number of reasons such as learning new skills, increasing their marketability in the job market, ensuring their family's financial independence and increasing their earning potential.
According to the U.S. Bureau of Labor Statistics, in 2010, individuals with a bachelor's degree made an average of $1,038 per week, compared to $767 per week for those with an associate degree, $712 per week for those with some college (but no degree) and $626 per week for those with a high school diploma.
Those who want to realize their dream of graduating from college should know that finances don't have to put your plan on hold. Grants for parents, scholarships for mothers, single mother scholarships and other financial aid can help alleviate some or all of the financial stress associated with going to college while raising a family.
