Neighbor News
Young Adults, the Economy, and Living at Home
Dr. Clatch writes about the economic circumstances that keep increasing numbers of young adults from being able to support themselves.
The “Great Recession” has had implications for almost every population group in the U.S. While improvements in the larger macro economy have enabled most groups to overcome the challenges that they face, young adults (e.g., individuals between the ages of 18 and 29) continue to struggle to find their way in the world.
As a result of the recession, many people in this age group lost their jobs. For those graduating from high school and college during this time jobs were not available. As a result of these conditions, many young adults have prolonged their dreams of an independent life; that is, one lived outside of the homes of their parents.
Even though the immediate crisis of the recession has begun to abate, young adults continue to struggle with high levels of unemployment. When coupled with issues such as crippling debt from student loans and living expenses, young adults currently face a future that is markedly bleak.
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Because of their economic circumstances, young adults may choose to put off important social and economic decisions such as starting a family and buying a house. These issues will have implications for young adults as they age and for society in general. Helping young adults find a way forward is thus imperative to the future of our society and the evolution of our economy.
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