Due to the financial and economic situation of Echo Boomers, Our Time - a Millennial advocacy group - recently formed to help out Echo Boomers. The article starts off with some interesting facts:
One in six are unemployed, more than any other adult age group. They carry an average of $24,000 in student debt. And one in 10 have been forced to move back in with their parents after school.I've already addressed the misleading figure about average student loans in Tuesday's post. However, what about the other two problems the article cites - one in six are unemployed and one in ten move back with their parents.
One in six Echo Boomers being unemployed seems like a disaster at first, until you realize that one in six is only 16.7% (national average is near 10%, depending on which source you evaluate). Remember, the article makes it clear that it references young people under 30 years old. A lot of Echo Boomers under 30 are still in school, so we shouldn't expect them to be employed. However, we can't be sure they are included or excluded as there's no numerical context to the rate listed. My point here is not that Echo Boomers don't have a high unemployment rate, but that without specifics, we don't know if 16.7% is high or not (have former generations had young people with high unemployment rates?).
The final statistic - one in ten lives with their parents - doesn't seem frightening at all. In fact, based on my own study, that seems very low. At least 1 out of 5 Echo Boomers I speak with state that they live with their parents, and fewer than 11% of them are homeowners. If the "real data" is that only 10% live with their parents - Echo Boomers are doing very well.
Note, however, that the study fails to provide any historical context. For instance, how many young people moved back with their parents during the Great Depression? Perhaps 10% may not seem that high if we compare it to former generations. Without a historical context, we don't know if that's a high amount or a low amount.
The point here is not that the article is blatantly wrong or lying, but that it lacks any context by which we can know whether Echo Boomers are facing a crisis or not.