Commentary: Joint Economic Committee Democrats today released a fact sheet on the “Economic State of Millennials in America.” The fact sheet outlines the latest statistics on the economic well-being of millennials in America, including population and demographics, education, homeownership, and other key indicators.
The millennial community is extremely diverse, with significant economic power. This generation accounts for more than $1 trillion in direct economic spending. People of color represent almost half the generation, and blacks and Hispanics comprise 35 percent. However, millennials are still recovering from the financial crisis, which has put a permanent dent on their long-term economic security. The millennial generation is less likely to outearn their parents than any previous generation in American history, or to own a home.
“There are 75 million millennials in the U.S. and they make up the largest generation in our workforce,” said Senator Martin Heinrich (D –N.M.), Ranking Member of the Joint Economic Committee. “This generation is the future of our economy, and we must address the obstacles they face in securing long-term economic security. Tackling student loan debt, making sure they have access to affordable and quality health care coverage, and creating opportunities to encourage entrepreneurship and homeownership are important to the success of this generation.”
Millennials are also the most educated generation in American history, with millennial women achieving higher educational attainment than men. Twenty-nine percent of young adult male millennials hold a bachelor’s degree compared to 36 percent of millennial women. Yet millennials face massive amounts of student loan debt—the average 25-year-old millennial holds $21,000 in student debt.
Other key takeaways of the fact sheet include:
- In 2016, millennials earned a median income of roughly $20,100 while the current unemployment rate for millennials ages 25 to 34 and likely not in college is 4.2 percent.
- Millennials are more likely to have insurance thanks to the Affordable Care Act.
- Millennial moms, who total more than 16 million, are investing more time than ever in child care even as they are increasingly the primary breadwinners.
- A smaller share of millennials are becoming entrepreneurs compared to previous generations.
Click here to view the fact sheet.