One in five millennial parents today is impoverished, a new study by the Young Invincibles, a youth advocacy group, found. Since 2000, the poverty rate for this demographic has increased by 40%.
“They’re being expected to do more with a lot less,” says Konrad Mugglestone, author of the report, Finding Time: Millennial Parents, Poverty, and Rising Costs. Millennial incomes have decreased about 10% in the past 10 years, while workers over 35 saw a 4% drop in wages. At the same time, experts predict nearly two-thirds of jobs will require some form of (increasingly expensive) secondary education by the year 2020. At the same time, the cost of raising a child has skyrocketed over the last several decades. In 1960, childcare consumed just 2% of a young parent’s budget, compared to 18% today, Young Invincibles found.
More young parents today are college-educated, but earning a degree comes at a steep price. College-educated millennial parents had a median debt load of $25,709 in 2008 (the most recent Department of Education data available), more than 25% higher than the median $20,000 taken out by non-parents, according to the repo
“They’re being expected to do more with a lot less,” says Konrad Mugglestone, author of the report, Finding Time: Millennial Parents, Poverty, and Rising Costs. Millennial incomes have decreased about 10% in the past 10 years, while workers over 35 saw a 4% drop in wages. At the same time, experts predict nearly two-thirds of jobs will require some form of (increasingly expensive) secondary education by the year 2020. At the same time, the cost of raising a child has skyrocketed over the last several decades. In 1960, childcare consumed just 2% of a young parent’s budget, compared to 18% today, Young Invincibles found.
More young parents today are college-educated, but earning a degree comes at a steep price. College-educated millennial parents had a median debt load of $25,709 in 2008 (the most recent Department of Education data available), more than 25% higher than the median $20,000 taken out by non-parents, according to the repo
