What Do You Do When You're 27?
Older millennials were blindsided by the recession, and one of the first generations to take out massive debt for school. They are also one of the tech-savviest generations, and attended post-secondary institutions more than any other generation. Lets take a look at how they're doing — at 27.
If you were to pick a 27 y.o. out at random…More than likely they would:Have an office and administrative support occupationMake $10-$14.99/hourHave a Bachelor's degreeHave $30,000+ in debtBe somewhat stressed about financesBe Single with 0 kidsRent with a partnerLive within 9 miles of where they went to 10th grade
From the largest longitudinal study of this generation.Tens of thousands of students were monitored from the 10th grade to 27.
The tale of 27-year-olds is one of education, it's skyrocketing price, and a recession job market.
Education:Bachelors or higher: 33%Associate's Degree: 9%Undergraduate Certificate: 10%Postsecondary attendance, no credential: 32%High school diploma or equivalent: 13%Less than high school completion: 3%
Living Arrangements:Traditionally, most people are married and settled into their own homes by 27.Many more 27 year old's area living at home than past generations.19% living alone42% living with a spouse or partner10% living with roommate(s)23% living with parents6% other
Where are you at in your life?19% working and taking postsecondary courses63% working for pay only5% taking postsecondary courses only13% not working for pay or taking postsecondary courses
Student Loans:40%–no loans16%– $0-$10,00020%–$10,000-$25,00013%–$25,000-$50,00011%–$50,000+
IncomeThe largest minority of those who dropped out of high school made less than $2000 last yearWhile the largest minority of those with bachelor's degree or higher made $40,000+That's a 20x increase.
Higher education leads to greater job stability.And greater options of where to work, thus less financial stress.
More educated 27-year-olds are single with no kids, pushing the average age of marriage to historically high levels.About 1/4 of 27-year-olds move a great distance away from their high school.1/4th stay within 100 milesand 1/2 stay within 10 miles
Welcome to the life of a 27 year old in America