2013 August 03 Saturday
36% Of Millennials Living At Home With Parents

Do not borrow lots of money to go to an expensive college and study a worthless major. Your fate if you do: living back home with your parents because student loan payments are too high to afford rent. That's especially likely to be the case if you study a worthless major.

Uncool majors: Anything you study that forces you to move back home after college. Understand the extent to which college costs have become unmoored from quality of services delivered. Read this: College Unbound: The Future of Higher Education and What It Means for Students. Your better alternatives: online learning, the cheapest state schools, the most valuable engineering majors.

The only kids who should be stuck living with their parents are the ones with IQs not high enough to enable them to compete. And actually, the college educated are overall less likely to be living with parents. But the ones that have bachelors degrees and still are at home chose wrong majors or saddled themselves with large debts. Even 29% of employed Millennials are living with their parents.

In 2012, 63% of 18- to 31-year-olds had jobs, down from the 70% of their same-aged counterparts who had jobs in 2007. In 2012, unemployed Millennials were much more likely than employed Millennials to be living with their parents (45% versus 29%).

...

A Pew Research trend analysis shows that within each of these growing demographic sub-groups — the unemployed, college students and the unmarried – a higher share of young adults were living in their parents’ home in 2012 than in 2007.

Avoid a lower class fate. This is extremely important today as the ratio of incomes from the top to the bottom has soared and probably will continue to rise. With automation gutting demand for low skilled jobs the prospects for the least skilled are getting dimmer every day. Plus, most of the work is part-time as companies maneuver to avoid Obamacare costs. Get lots more skills if you are able.

On the bright side, the lower classes are so large and growing that if you can't be bothered to save yourself from poverty you won't be lonely at the bottom. Plus, you will be able to find lots of politicians, liberal media, and sociology professors who will tell you it is not your fault.

Share |      By Randall Parker at 2013 August 03 09:54 AM 


Comments
Jim said at August 3, 2013 3:21 PM:

The reductio ad absurdum of credentialism occurs when everybody has the credential. Then the credential is worthless. Back at the beginning of the twentieth century only about 10% of the US population completed high school. Having a high school diploma back then meant a lot. Now it means very little. As we attempt to get a larger and larger percentage of the adult population to have a college diploma the value of that credential steadily declines.

Randall Parker said at August 3, 2013 7:23 PM:

Jim,

There are two purposes of credentials:

A) Can you do the job?

B) How can we keep other people out?

Nowadays the purpose of the college degree is mostly a surrogate for an IQ test and also to demonstrate that you have the discipline to study to get the degree. So it is A but in a more general sense of "are you smart enough to learn the job and carry it out?".

I do not think the value of a college degree has declined. Rather, what's the declined is the average IQ of the people getting the degree. More colleges with really low standards exist so that people can get degrees. So then companies just do not recruit from those schools.

The Sanity Inspector said at August 4, 2013 8:22 PM:

Nobody needs a college diploma to run the cellphone kiosk in the mall. A way must be found to break higher education's chokehold on entry into the middle class.

Joe Walker said at August 5, 2013 12:49 AM:

A major problem is that rents in places such as New York City are generally way too high even if you don't have any debts to deal with.

WJ said at August 6, 2013 10:55 PM:

"Back at the beginning of the twentieth century only about 10% of the US population completed high school. Having a high school diploma back then meant a lot. Now it means very little. As we attempt to get a larger and larger percentage of the adult population to have a college diploma the value of that credential steadily declines."

Indeed. Since we can't do anything that would decrease the graduation rate, we need to create honors diplomas that separate those who just met the bare minimum graduation requirement from those who actually demonstrated intelligence. Students need to spend their last high school years with "majors" that prepare them for the workforce.


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