For those of us who are right-minded, both politically and theoretically, we recognize that our government continues to spin economic numbers. We grasp the fact that our fiscal state remains on shaky legs. It has permeated through all groups, namely my generation: The Millennials.
We are getting out of college only to go right back to mom and dad’s house; for either support or a place to live.
According to 2012 Pew Research, 36 percent of Millennials ages 18 to 31 were living in their parents’ home. This was the highest share in at least four decades. Is it due to a lagging economy? In small part. Is it due to the entitlement mentality that has slowly morphed into a mental disorder? You hit the nail on the head.
If you’re lucky enough to be a young, healthy, educated American, there is no excuse to go back to suckling at the teat of a parent or guardian after the age of 18.
“The youth of today and the youth of tomorrow will be accorded an almost unequaled opportunity for great accomplishment and for human service.” – Dr. Nicholas Murray Butler
Will our young adults take up on that opportunity? Good question.
This year, the U.S. Department of Education released a report on Americans it had begun surveying about a decade ago when they were high school sophomores.
The results were pretty dismal. For a generation so well educated, money was still a source of anxiety. Over 60 percent had taken out student loans. And in large part, they were not looking to invest in real estate or cars.
The problem stems from a generation that was raised to believe that everyone is a winner. It wasn’t until getting out of college that 20-somethings were slapped with the cold hand of reality.
Bills and student loans quickly squelched the dream of landing that well-paying career we were promised we’d land immediately after our college graduation.
In fact, many Millennials are finding that they aren’t even close to landing a gig in the field they were pursuing.
Suddenly, young adults are realizing just how silly it was to rush into massive loans in order to garner that philosophy or communications degree.
During the last quarter of 2013, a record 11.8 percent of student loans were severely late, by 90 days or more. The number only continues to rise.
Student loan delinquency rates are higher than credit cards, mortgages and auto loans.
What does this mean for our future? Taking a glass-half-full approach, maybe – just maybe – my generation will learn.
Perhaps we will raise our children to put patience and hard work above student loans and superfluous degrees.
Perhaps we will raise our children to recognize that, although we are all born equal, we are born deserving nothing.
Perhaps it will be Millenials who raise a generation that grasps the consequence of the arrested development of an entitlement mentality.
But first… Millenials must accept their miscalculations.
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