Posts tagged ‘Millennial’

March 24, 2015

Are older workers crowding out job opportunities for young people?

by Grace

Older workers’ expanding participation in the labor force may be at the expense of employment opportunities for younger workers. 

One of the major trends in the U.S. workforce during the early 21st century is seniors’ expanding participation in the labor force. People who qualify for AARP membership have been retiring later and are more likely to be in the labor force now than people the same age were during the 1990s tech boom.

There have been significant changes for all seniors, but the increase is most striking among people 65 and older. For 75-year-olds, labor-force participation has risen to 14 percent from 9 percent since 2000. The number of people age 65 to 79 in the workforce has grown by 3.5 million. Of that, 1.6 million is due to the growing population in that age group, and 1.9 million is due to the increased propensity to work.

Employment helps seniors remain self sufficient.

The United States is going to be a very different place, demographically, for the next 30 years. Seniors putting in more years at the office will help ease that transition, cover a small part of Social Security’s deficit, and allow more older Americans self-sufficiency in their retirement.


The sliding labor participation rate for younger workers is clear.

20150321. COCLaborParticipationOldYoung1


The question remains how much this affects younger workers who are still suffering during this jobless recovery.

…workers 55 and under still have about 2 more million jobs to go before they recover all the jobs losses since the start of the great global depression …

20150321. COCJoblessRecoveryOldYoungWorkers1

———

Salim Furth, “What Percent of 75-Year-Olds Are Still Working?”, The Daily Signal, March 21, 2015.

Tyler Durden, “Old vs Young: The Story Of America’s Two Labor Markets”, Zero Hedge, January 9, 2015.

March 9, 2015

Highly educated U.S. millennials lag behind foreign peers in key skills

by Grace

The most highly educated generation in the United States compares poorly with international peers in literacy and numeracy skills.

Despite having the highest levels of educational attainment of any previous generation, America’s millennials, on average, demonstrate weak skills in literacy, numeracy and problem solving in technology-rich environments compared to their international peers. This finding from a new study by Educational Testing Service (ETS) raises the question of whether we can thrive as a nation when a large segment of our society lacks the skills required for higher-level employment and meaningful engagement in our democracy.

America’s Skills Challenge: Millennials and the Future uses data from the Programme for the International Assessment of Adult Competencies (PIAAC) to compare the U.S. to 21 other member countries in the Organisation for Economic Cooperation and Development (OECD). The report focuses on young adults born after 1980 who were 16–34 years of age at the time of the assessment. PIAAC measured adult skills across three domains: literacy, numeracy and problem solving in a technology-rich environment (PS-TRE).

They also compare poorly with earlier generations in the U.S. 

… Equally troubling is that these findings represent a decrease in literacy and numeracy skills when compared to results from previous years of U.S. adult surveys. As a country, simply providing more education may not be the answer. There needs to be a greater focus on skills — not just educational attainment — or we are likely to experience adverse consequences that could undermine the fabric of our democracy and community.

Even the best and the brightest in the U.S. compare poorly with their international peers.

Additionally, the data reveal that even our best performing and most educated millennials, those who are native born, and those with the greatest economic advantage in relative terms, do not perform favorably in comparison to their peers internationally. In fact, in numeracy, the U.S.’s top performing millennials scored lower than top-performing millennials in 15 of the 22 participating countries, indicating that the skills challenge is systemic. Low-scoring U.S. millennials ranked last and scored lower than their peers in 19 participating countries.

Have we misplaced our faith in more years of schooling, degrees, credentials, and certificates”?

Most troubling is that our faith in more years of schooling, degrees, credentials, and certificates to produce better outcomes is vividly shown to be misplaced. More time in school is not producing Americans with more or better skills. The people who will work, earn, support families, create jobs, make policy, take leadership positions, and be entrusted generally with protecting, defending, and continuing our democracy are less prepared to do so than any generation in American history.

America’s millenials are “overeducated and unprepared”

This may be related:

Baby Boomers’ kids are doing worse than their parents

The Typical Millennial Is $2,000 Poorer Than His Parents at This Age

More young people are living in poverty and fewer have jobs compared their parents’ generation, the Baby Boomers, in 1980.

Even though a higher percentage of today’s young people have college degrees, more live in poverty.

Also:  Lack of learning in college is a reason for poor job prospects

———

Madeline J. Goodman, Anita M. Sands, Richard J. Coley, America’s Skills Challenge: Millennials and the Future, Educational Testing Service, February 2015.

Tags:
August 19, 2013

It’s mainly younger millennials who still live at home with their parents

by Grace

Recent headlines broadcast the record number of young adults are living with their parents“.  But it should be noted that the highest percentages of young adults still dependent upon their parents tend to be those who are under age 25.

The numbers that caught our attention

A new study from Pew Research finds that 36 percent of Millennials – young adults ages 18 to 31 – are living at their parents’ homes, the highest number in four decades. A record 21.6 million young adults were still living at home last year.

Let’s look more closely at the data.

College-age adults account for the higher percentages.  Only 16% of 25-31-year-olds live at home, while 56% of younger adults live at home.

20130805.COCMillLivingHome1

Some reasons for the increase are:

  • More young adults are attending college
  • Poor job market
  • Declining marriage rates

Being male, living in the Northeast, and lacking a college degree are all factors that correlate more closely with the likelihood of living at home.

  • Millennial males (40%) were significantly more likely than Millennial females (32%) to live at home.
  • Millennials in the Northeast (44%) were significantly more likely to live in their parents’ home than Millennials in other regions of the country. This partly reflects the fact that Northeastern Millennials were more likely to be enrolled in college than their counterparts elsewhere, as well as higher housing costs in the Northeast (Furstenberg, 2010)….
  • Millennials who graduated from college (18%) were much less likely than less-educated Millennials to live at home. Millennials who have finished college tend to be older, but even within narrow age groups it remains the case that college-educated Millennials are the least likely to reside in their parents’ home.

Related:  No shame in living at home after college (usually) (Cost of College)

%d bloggers like this: