So much for the economic independence that’s supposed to come with young adulthood.
But when unemployment among young men workers is the highest it’s been in 61 years, as noted by New York Times columnist Bob Herbert, it’s little wonder that workers under 35 are facing so many economic obstacles.
On Tuesday, the AFL-CIO released the results of a disturbing new Peter Hart survey, “Young Workers: A Lost Decade” that found that about a third of workers under 35 live at home with their parents, and they’re far less likely to have health care or job security than they were ten years ago. Even then, in a 1999 survey, when they faced economic insecurity, they still had reasons to be hopeful.
Those days are long gone. A quarter of young workers say they don’t earn enough to even pay their monthly bills, a 14% rise from the last survey. As Richard Trumka, the presumptive incoming president of the AFL-CIO, said in a press conference today:
We’re calling the report “A Lost Decade” because we’re seeing 10 years of opportunity lost as young workers across the board are struggling to keep their heads above water and often not succeeding. They’ve put off adulthood – – put off having kids, put off education – and a full 34 percent of workers under 35 live with their parents for financial reasons.Thirty-five percent are significantly less likely to have health care than older workers, only 31 percent make enough money to pay their bills while putting anything aside in savings, and almost half are more worried than hopeful about their economic future.