From Home Furnishing Business
Fast Fact: Millennials Turned to Education During and Following Great Recession
Most researchers and studies concur that many Millennials have been dealt an increasingly difficult economic hand due to the Great Recession, according to data from the U.S. Census Bureau and the Pew Research Center’s “How Millennials today compare with their grandparents 50 years ago.”
Emerging data puts Millennials into three distinct segments based on their proximity to the recession – (1) those entering job market prior, (2) those entering the job market during or post-recession, and (3) those entering after economic recovery.
Those that entered the job market early, prior to the recession, have fared better than their younger Millennials. Many in the second group are still recovering after having to take jobs unrelated to their college degrees at lower salaries. With a tightening job market, Millennials turned to colleges and became the most educated generation in history.
The National Association of Colleges and Employers (NACE) tracks starting salaries by year of graduation and finds that 2004 through 2007, those early graduates averaged starting salaries of $42,619. Salaries in the second group graduating during the Great Recession and partial recovery, 2008 to 2011, averaged $41,607. But as the recovery has moved forward, 2012 to 2016 (most current data), starting salaries jumped to an average of $48,169.
For an in-depth look at the data, click here.