Rising debt, un- and underemployment, and dim job prospects have forced many Millennials to postpone the key decisions that historically marked entry into adulthood. Nearly half of the 25- to 34-year-olds surveyed said they’ve put off purchasing a home; 29 percent say they’ve delayed starting a family; and 26 percent still live with their parents. These decisions have long-lasting effects.
Someone who is forced to delay purchasing a home until their 30s will likely not have that house paid off by the time they retire in their late 60s. Those who have to put off starting a family will still be paying for kid-related expenses until their late 50s or early 60s (or later, if their own children are unemployed and living with them in their 20s). Millennials’ parents, the Baby Boomers, were able to buy their first homes and start their careers and families in their late teens and early 20s, right out of high school or college, with little or no debt.