Millennials are the demographic cohort following generation X and preceding generation
Z. They are said to be the most educated and generally marked by the usage of the internet,
mobile devices, and social media, which is why sometimes they are termed as digital natives.
I believe that education is more important to millennials than previous generations.
According to the article, demographics show a steady increase in educational attainment for men
and women over the past five decades. The percentage of millennial women and men with a
bachelor's degree is now higher than that of the silent generation and boomers. This is evident
from the article where millennial men and women are diagnosed as "overeducated and
underemployment." On the verge of the great recession, millennials have continued to
experience job losses and underemployment setbacks. Education has become paramount in the
millennial period to fit in the job market and gain more returns. The article's analysis shows
significant gaps between Millenials' earnings with more than a high school diploma than those
with lower than a high school diploma.
The Millennials are less upwardly mobile than previous generations due to change in job
status. It is evident in the millennial age that the economy does not support an ongoing
occupational status as it once was; hence they find it hard to surpass that of their parents. Also,
baby boomers have much more accomplishment than Millennials.
During the great recession, the student debt crisis worsened as those who were leaving
and joining college faced great difficulties dealing with the economic decline. Tuition prices in
the public schools had been raised, forcing students to borrow more. The unemployment crisis
hit students leaving colleges; hence they could not repay their education loans, making the
Millennials debt crisis worse than the previous generations.
Factors that caused the debt crisis were; weak labor markets as many students treated
higher education as a refuge. Everyone wanted to go to college, and there were no more slots due
to overflow in under-resourced colleges. States reduced funding to public colleges leading to
higher tuition prices. Those who missed a chance to join public colleges opted for for-profit
colleges and increased borrowing to meet the high costs. Also, low- returns to their schooling
lead to unemployment, and students created a surge in loan defaults.