15 May 2024

The Bad and Good News About Millennial Parents

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Much has been written about millennials and the rough time they’ve had in the economy. But now that the generation is getting older, and the oldest millennials are in their mid-30s by some definitions, an increasing number are parents themselves. A new report from Konrad Mugglestone, a policy analyst at Young Invincibles, a Washington-based group that represents the interests of young Americans, has dived into the data on millennial parents.

The biggest challenge has been the damaged economy. The weak economy itself is no surprise, but what’s surprising is that this postrecession period has been especially hard on young parents. Young parents have always been somewhat more likely than nonparents to be in poverty. This has especially been the case in recent years, with close to one-quarter of young parents in poverty. Since 2009, the share of impoverished young people has been higher than at any other point in the past 25 years. Since 2009, 16% of young people without children were in poverty, up 5 percentage points from the late 1990s. As many as 23% of young parents were in poverty, however, an 8 percentage point increase.

But there’s good news, too, about young parents. Today’s youngest mothers and fathers are better educated than parents 10 and 20 years ago. The economy has placed increasing value on education over recent decades. If the economy continues to improve, these parents may prove well positioned to provide for their children.

In 1995, 18% of young parents were high school dropouts and 39% received no schooling beyond high school. Today, only 13% of parents are dropouts and just 30% stopped at high school. In 1995, 43% of parents had at least some college. Today, 56% do.

The education of all millennials has been rising, but it’s been rising faster for parents. Nonparents are 3 percentage points less likely to be high school dropouts than in 1995, compared with 5 percentage points less likely for parents. Nonparents are 3 percentage points less likely to have stopped at high school than in 1995, compared with 9 percentage points for parents.

Parents are 5 percentage points more likely to have a bachelor’s degree than they were in 1995, compared with just 2% for nonparents.  And when it comes to advanced degrees, today’s parents are running away with the race. In 1995, 4% of nonparents and 3% of parents had advanced degrees–such as master’s degrees, law degrees, medical degrees and PhDs. Today, 6% of nonparents have advanced degrees, compared with 8% of parents.

While many millennials and their young families have had a rough start in today’s economy, the report suggests that going forward, this generation of parents may do especially well.

Click here to access the full article on The Wall Street Journal.

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