Wednesday, September 9, 2020
Half Of Twentysomethings Live At Home As Tenth Circuit Chips Away At Debt Protections For Student Loan Lenders | Above the Law
It is not a good time to be starting your career in America. The unemployment rate sits at 8.4 percent. For those lucky enough to have a job at all, almost half aren’t particularly happy with it: one survey found that approximately 46 percent of Americans consider themselves underemployed (defined as having part-time work but wanting to work full-time, or holding a job that doesn’t require or utilize your education, experience, or training). In the legal profession in particular, the recent spate of layoffs doesn’t seem likely to slow anytime soon, and we’ve all been increasingly well-informed about the difficulties inherent in paying down six figures of student loan debt on relatively unimpressive starting salaries.
Given the significant headwinds that young people face in entering the workforce, the big news from the Pew Research Center that 52 percent of 18- to 29-year-olds are now living with one or both parents might not be such big news after all. This is a new record: the previous recorded high was in 1940, toward the end of the Great Depression, when 48 percent of young adults lived with their parents (there is no data available for the worst years of the Great Depression, when higher proportions of young people certainly could have been moving back home).