New research from the Pew Center has found that the millennial generation has become the most educated and have earned more college degrees than Gen X, but have no jobs to show for it. The study showed that women from the millennial generation are getting their college degrees at a higher rate than the other generations of women in their family. When it comes to getting college degrees in general, there are also more women in college and more women finishing degrees than men.
Although this generation is getting their college degrees more frequently and in less time than previous generations, this is not translating into job opportunities. The 2008 recession can be greatly attributed to the decline in the millennial generation getting jobs, since a lot of jobs are going to the Gen Xers and other more experienced men and women in the workforce. The millennial men seemed to be the hardest hit by the recession and lack of opportunities, with less millennial men being employed than Gen X, Baby Boomers, and the Silent Generation. The Silent Generation are the people who are in their 70s and 80s now, so the data is comparing the groups when they were all the age of the millennial generation.
When you hear people talking about the unemployment numbers not counting the people that have stopped looking for work, the millennial generation is the biggest group that has stopped looking for work. Most of this attitude is because the millennial generation knows that the older and more experienced person will likely get the job over them, because an education without the experience can only go so far in the workforce.
The millennial women might be a little behind the Gen X population in terms of working, however they are ahead of the Baby Boomers and Silent Generation, so it’s clear that millennial men are ones with the most trouble in today’s economy. However, it might be a little deceiving to compare the millennial women with the Baby Boomer and Silent Generation, because back then it was not common for women to be educated or hold a job, since their job was staying home and raising the kids. It’s likely that if you accounted for the change in times, millennial men and women would be tied as the least likely generation to hold jobs at their current ages.
For the economy, this is not exactly the best news because it means that the young people have already decided to hang it up in terms of seeking employment, and it also means that the older generations are still working. In the economy today, it’s hard to retire at 65, so you are seeing a lot more men and women in their 60s and 70s still holding down jobs, which obviously then takes away the jobs for the younger group. Part of this can be blamed on the recession but there are other things at play here too, and until the millennial generation can figure it out, this trend will likely continue for years to come.