Millennials Now Earning a Median-Wage Income at Age 30
Through analyzing about three decades of census data — from 1980 to 2012 — the study found that on average, young workers are now 30 years old when they first earn a median-wage income of about $42,000, a marker of financial independence, up from 26 years old in 1980.
About a third of adults in their early 20s work full time, a proportion that rises to about half of adults in their late 20s. The labor-force participation rate for young people last year declined to its lowest point in about 40 years, according to the report.
WSJ takes a look at a new report from the Georgetown University Center on Education and the Workforce, which shows how much more difficult it is for millennials to reach financial stability and find their footing in the workforce. One of the reasons it’s taking millennials longer to earn the median-wage income of $42,000 is that factory jobs, which used to pay decent salaries and didn’t require much more than a high school education have disappeared in the recession (not to mention, jobs in general). The factory jobs that are available require advanced skills, and those who can’t score full-time work are cobbling together part-time work in the service and retail industries while taking on internships to keep their resumes relevant. Every generation has had to hustle a little bit, but this one has a lot stacked up against them. [Report here.]
Photo: Vernon Chan