There are many advantages to being single and not having a family. There are different reasons why people are single. Some singles may eventually want to marry. But why are Millennials not marrying? Millennials are remaining single longer and are not marrying for a variety of reasons. These are ten reasons why Millennials are not marrying and are staying single.
Coming of Age During Two Recessions
Millennials came of working age entering the workforce during the 2008 Recession. Millennials are now at what should be the height of the generation’s earning power, but that is not the case because of another recession, the Coronavirus Recession. Doug Casey, a well-known crisis investor, has called it the Greater Depression. Jobless claims are nearly 800,000. While the Coronavirus Recession is not good for anyone, Millennials are being the hardest hit. They are now being called the New Lost Generation. The combinations of these two recessions and other factors that contribute to building wealth. Millennials only own 3% of the United States’ wealth despite being a quarter of the country’s population.
Rising Cost of Education
The cost of higher education rose by 25% over the last decade. That’s a price increase of $5,000 to $10,000 for a year of tuition. Despite being the most educated generation, Millennials have had difficulty finding work, recording double-digit unemployment numbers. Millennials are often working jobs that they are overqualified for in the workforce. Millennials are the most educated generation in history.
Millennials have borne the brunt of wage stagnation. Wages have fallen 43% for the Millennial Generation. That is a massive drop, while the cost of living continues to rise. As wages stagnate, savings rates continue to fall with low-interest rates.
The Millennial Generation is the most indebted. Millennials have credit card debt and student debt. Millennials are afraid of debt and are the wisest when it comes to planning for their financial future. The combination of credit card and student debt adds to why Millennials are staying single longer and not marrying.
Inflation is a persistent increase in the level of consumer prices or a steady decline in the purchasing power of money, caused by an increase in available currency and credit beyond the proportion of available goods and services. Inflation has risen, making everything more expensive for Millennials who are already experiencing wage stagnation. The average real rate of inflation ranges from 7% to 13.4%, dependent upon where you live in the United States. The rising inflation means that you get less for your money.
Rising Cost of Living
Millennials have cited the rising cost of living as a barrier of entry to buying their first house. The cost of living is continuing to rise for Millennials. Prices have been rising for Millennials from groceries, rent, transportation, and clothing.
Millennials are being called the Renter Generation. Sixty percent of Millennials make the decision to rent. Millennials are renting for the long-term with nearly 70% of Millennials reporting they make less than $50,000 a year. That makes homeownership out of reach for Millennials.
Rising Cost of Houses
Homeownership is falling for Millennials. The median cost of a house in the United States is $295,300 for 2020. That makes it difficult, if not impossible, for Millennials to save to buy a home. Homeownership is a key to building wealth and financial stability. Millennials have been priced out of the housing market.
Don’t Own Wealth-Building Assets
Millennials only own 3.2% of all of the United States’ wealth. Millennials own less than 5% of all of the US wealth while Baby Boomers had 21% of the wealth in the United States at the same age. Wealth is built by owning and having assets that have been priced out of reach for Millennials.
Cost of Raising a Child
The cost of raising a child to the age of 18 is $284,570. The costs of raising a child include housing, food, childcare, education, transportation, healthcare, and clothing. That is a quarter of a million dollars. Since the cost of raising a child only goes to 18, that does cost does not include the costs and expenses with college and higher education.
These are ten reasons why Millennials are not marrying and are remaining single. There is nothing wrong with being single, but some singles may want to marry. Millennials should know that there is nothing wrong with being single. Society may pressure you to date and marry, but you can thrive as a single person.
Do you agree with the ten reasons on this list for why Millennials are not marrying and are staying single?