Millennials are the most technologically connected generation. They are also the most tattooed and the least religious.
And they have been the hardest hit by the "great recession."
Full-time employment among Millennials has dropped significantly – by 9 percentage points – since 2006, while the percentage has remained largely unchanged for older working-age adults, according to the Pew Research Center, which profiled the generation aged 18 to 29 in a report released Wednesday.
As entry-level employees, Millennials are often the last ones hired and the first ones fired in a troubled economy, the report asserted.
This means that many 20-somethings are missing out on valuable work experiences and wages, a loss that may take years to make up.
Take wages. For every percentage point increase in the unemployment rate, Millennials initially lost 6 to 7 percent in wages, according to Ms. Kahn.
Millennials’ suffering income may help explain why so many – more than a third, according to Pew – are leaning on Mom and Dad for financial support. While this is partially due to a large number of students, about 1 in 7 Millennials with a full-time job – and about half who work part time – say family members help them get by financially.
While the outlook feels bleak, it doesn’t seem that way for the youngest Americans in the workforce. Less than a third of currently employed Millennials report that they earn enough now to support the lifestyle they want, but nearly 90 percent believe they eventually will. Only about three-quarters of Gen-Xers and a little under half of baby boomers reported the same optimism about their future earnings.