The Generation Of Financial Struggle - 1506 Words

Generation Uncommitted: The Generation of Financial Struggle It is now commonly known for the current young generation to be known as the generation that is continuously suffering from an ongoing economic conflict of debt that may grow even worst in the future. The scholars of the Research Network on Transition to Adulthood used hard data to claim that economic factors far outweigh the psychological ones noting â€Å"The current changing timetable of adulthood has given rise to a host of questions about whether current generations of young people are more dependent on their parents, less interested in growing up, and more wary of commitments.† There are many reasons to pay great attention to the struggling trend of the young as it definitely†¦show more content†¦With all this financial crisis among many young individuals, it is can be easily inferred that this results in a great pushback on individuals achieving â€Å"financial independence† and â€Å"reachin g adulthood.† Society often defines individuals as reaching adulthood when they become economically stable and are able to take major responsibilities, such as having children. Many older generations criticize the younger generation for being more reliant on their parents. An article on Time.com written in November 2015 by Charlotte Alter displayed several statistic sources that show Millenials breaking records on living with their families and are more financially dependent. The U.S Census released a graph that showed that 15.1% of individuals aging 25-34 are still living with their parents, the highest proportion since 1960 according to demographer Mark Mather. It is not surprising why this many Millennials are still living with their parents when accounting for the difficult job market, and of course student loans. An article written by Travis Mitchell on USNEWS.com, one of the most popular websites for college data, said that public national university tuition spiked by a staggering 296% from 1995 to 2015. Tuition has nearly tripled while minimum wage has just more than doubled since 1995. With such a low wage and high tuition, what happens when your parents are not