FAST FIVE: Corporations Suddenly Realize That Once-Coveted Millennials Are A "Screwed Generation"
Right now, millennials represent the largest single consumer group in the United States: they number 83.1 million and they represent a full quarter of the US population.
These expenses primarily include housing and student debt.
The home ownership rate for Americans aged 25-34 was 37% – 8% below the rates for Gen Xers and baby boomers, according to the Urban Institute, in 2015.
Not only are they getting paid less, but the big elephant in the room is they have $1.53 trillion in student-loan debt.” Debt, indeed, is the biggest problem facing millennials, despite them being the most educated generation in history: According to research performed by the George Washington University School of Business, 66% of millennials have more than one type of long-term debt, and nearly half (48%) say they live paycheck to paycheck. According to Pew research figures, 36% of millennial women and 29% of millennial men have a bachelor's degree. (For Gen X, those numbers are 28% and 24%, respectively, and for boomers, it's 20% and 22%.) Lobaugh continued: “Between 2004 and 2017, student debt rose 160%.
The ROI on education isn't materializing the way they might have hoped.” Considering the forces at work, blogger Mike Shedlock can't help but refer to millennials as: “The screwed generation-that was the term I came up with.