Have you ever seen the movie Failure to Launch? If not, check it out on Netflix. In the film Matthew McConaughey (what a hunk) plays Tripp, a 35 year-old man who still lives at home with his parents and shows no interest in leaving the comfortable life they’ve made for them.
“Failure to Launch” is a saying I’ve heard some Gen Xers and Boomers use to describe Millennials living at home. One third of Millennials currently live at home with their parents, but is it a fair assume these statistics point to Millennial’s reluctance to grow up?
According a recent study by Pew Research, at every education level, the 25- to 32-year-olds of 2013 confronted a higher unemployment rate than past generations did when they were stepping into the workforce.
The Census Bureau provided us with more detailed data that shows the following: the majority of the 5.8 million 25-34 year-olds living with their parents were employed (63.9 percent)
My friend Sarah is a 24 year-old teacher in Indiana. She moved home after graduating because she found a job first in her hometown. "Moving home was the most difficult decision I had to make,” she said. “I had to leave my college friends, independence, and my dreams of moving to a big city, but I needed a job and wanted to teach."
However, she was able to focus on work and paying off her student loans during the two years she lived with her parents. Sarah now has the financial independence necessary to move out, but her parents are pushing her to stay to continue paying off her loans. "I feel stuck because I want my independence, but also see their point of paying down as much as I can," she said.
I asked some professional Millennials about how they would feel moving home now or after college. None of them moved home after graduation and the idea was generally unpopular. Many people feared the loss of freedom, living where they didn't want, and having to report to their parents.
The problem with Millennials isn’t that they want to be dependent - it’s that they can’t afford to be anything but.