THE POLICY THINKSHOP "Think Together"

Public Policy is social agreement written down as a universal guide for social action. We at The Policy ThinkShop share information so others can think and act in the best possible understanding of "The Public Interest."

Millennials still lag in forming their own households | Pew Research Center Policy ThinkShop comments: “Threatening Baby Boomer Retirement”

The families that raised Baby Boomers and sacrificed in wars, built America’s urban industrial complex, built suburbs, and enjoyed the “Father Knows Best” life style begun in the 1950s, have given way to the Baby Boom family.  Once again, Baby Boomers lead the way.

Today’s families have significant needs and the children of the Baby Boomers want even more; and they want it now.  Baby Boomers may have at last reached the bottom of their idealistic barrel:  America cannot continue to feed their insatiable need for “things better.”  Their children may be in even bigger economic peril.

Not all families are created equal.  The families of the 1950s are significantly different than the families today’s kids grow up in.   Family formation, it appears, requires significant capital–more every generation.  Imagine a family of two adults and three kids in the 1950s needing the equivalent of $100 sneakers and $500 cell phones.    Once formed, it now seems that family sustainability is an even more onourous challenge than ever.   A challenge for the former 1950s nuclear family that is troubling, perhaps impossible, for today’s young adults.   The credit generation has given birth to a debt weary generation that nevertheless has become accustomed to good things.   For their parents, it’s no picnic either.  They still have a third of their lives to live and they want good things too.  The prospect of retiring and watching their kids succeed and do better is slipping away from common sense.

Given the aftermath of the recent recession, much is being said about trends and consequences resulting from a significantly deep and long economic downturn.   Looking at much of the discussions, there seems to be much ado about, presumably, middle class kids whose direct trajectory into gainful employment, family formation and independent living (from their parents) has been interrupted by an anomalous job market.  Perhaps even more menacing, the current market deviation may be a long term or even permanent shift in both what it means to be middle class in American and what it takes to get there.  Seen in this way, then, it is not only a temporary “kid” problem but perhaps a more significant and consequential trend affecting what is to come for the foreseeable future.

Perhaps the two cohorts that stand out are those who have been middle class for generations and are now for the first time facing the prospect of seeing their kids face economic and social challenges not experienced in recent memory–save horror tales from the Great Recession experience by the parents of today’s Baby Boomers.  The second group are families who represent the first generation into the fledgeling middle class … Who thought for sure that their children would experience the stability, opportunities and support that they saw as they increasingly ensconced themselves in middle class circles…  But those ladders and supports now seem less sure, scarce and apparent.  This second cohort, unlike the first, did not themselves have middle class parents and, therefore, inherited very little if anything at all.   Retirement, then, did not include taking care of the needs of their young well beyond young adulthood.

The aftermath of the recent recession and America’s ability to reproduce and grow its middle class now seems in question.   If we can agree that that middle class is the secret ingredient of American success, then we should be deeply troubled by this …

“Though the nation is officially four years into economic recovery, a new Pew Research Center analysis of recently released Census data suggests that most Millennials (adults ages 18 to 32) are still not setting out on their own.

FT_Millennial_Households

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 2013, only about one-in-three Millennials (34%) headed up their own household.  This rate is unchanged from March 2012 and even lower than the level observed in the depths of the Great Recession ( in 2009, 35% of 18- to 32-year-olds headed their own households).  The absence of any increase in household formation among Millennials is significant because it contributes to lackluster apartment and housing demand as well as the demand for household furnishings that goes along with independent living.”

via Millennials still lag in forming their own households | Pew Research Center.

Advertisements

Filed under: News

Join the conversation...

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Recommend this blog on twitter & Visit us on Facebook

Policy ThinkShop: Rules for participation and sharing…

Policy ThinkShop RULES
Follow THE POLICY THINKSHOP "Think Together" on WordPress.com

Blog Stats

  • 48,772 Blog Visitors to Date

Receive Our Tweets on “Daily Public Policy Issues”

Receive Our Tweets on "Daily Public Policy Issues"

Follow us on twitter by clicking the WORDLE above...

Think with us …. Click below

Scan Policy ThinkShop

Click here to scan us into your Cell Phone and take us with you...

Think with us on Twitter

The Policy ThinkShop On Twitter

Click the pic below to follow our new Philanthropy Discussion on Twitter

Philanthropy

Search for our RSS Feeds at:

Feed Search Engine
See this inspirational story about kids in Indonesia having to go over a broken bridge every day in order to get to school...

PolicyThinkShop Top Topics

Enter your email address to follow this blog and receive notifications of new posts by email.

PolicyABCs

Follow The Policy ThinkShop on Twitter

Follow us on twitter…

Perspectives on how the world is evolving…

These videos include ideas and events that impact public policy in our societies. View them and drop us a note. We will feature your thoughts here. Send your comments to: policythinkshop@policyabcs.org Thanks

The Policy ThinkShop: Think Together

It looks like the WordPress site URL is incorrectly configured. Please check it in your widget settings.

It looks like the WordPress site URL is incorrectly configured. Please check it in your widget settings.

Thank you for visiting. Here are ways you can stay connected to us.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 2,253 other followers

Goodreads

The ThinkShop promotes connections to all forms of social media to bring you resources beyond what you’ll find in your daily routine…

How Hispanics Describe Themselves

How Hispanics Describe Themselves

Poli Thinkshop

Create Your Badge

Take a "Brain Break" and visit this "fun link" by clicking this image now...

Break for Fun… click video below or have more fun by clicking the pic above…

Policy ThinkShop: Relax, we did the research for you…

Welcome to Policy ABC's ThinkShop, where getting news and public policy analysis is as easy as "A B C."

"The Policy ThinkShop team works hard researching the latests and most interesting news and reports. The resulting links will point you to the original sources so that you can spend as little time as possible getting the most news possible."

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 2,253 other followers

The Policy ThinkShop

ThinkShop Wordle

The Policy ThinkShop

Public Policy and Culture

Policy ThinkShop Resources

Policy ThinkShop Resources for your policy work

Our experts do the searching and serve up the best resources to help you stay on top of key public policy issues.

Featured Twitter Friend: Health Literacy ABCs

Health Literacy

Twitter Friend: MigrationPundit

Policy ThinkShop: “THINK TOGETHER”

"Policy is codified knowledge that stands as a universal guide for social action. Public policy is shaped by those who know and who act on that knowledge. We at The Policy ThinkShop share information so others can think and act in the best possible understanding of "The Public Interest."
%d bloggers like this: