Student debt has plagued the millennial generation. When millennials graduated from high school, they were promised that if they attended college, they would get the necessary skills to get a good job. Now, that promise isn’t being upheld. It takes millennials longer to find a well-paying job than it took generations in the past. Those trying to join the workforce find themselves locked out by employers who feel they can’t find qualified candidates. So, how do we bridge this gap?
How long does it take someone to get a good job?
On average, it takes millennials close to the age of 30 to find their first “good job.” According to a study by Higher Ed Dive, nearly 50 percent of baby boomers had a well-paying job when they were 25 years old, and slightly less than 45 percent of millennials could say the same. The thought here is that by skirting higher education, boomers were able to jump into a company and work their way up the ranks sooner. However, those who didn’t get in good somewhere struggled. Millennials, on the other hand, more often than not went to college. And after building up their resumes, more millennials found a good job by ages 30 and 35 than boomers did.
Millennials are putting off major life events
The problem is that millennials’ lives are put on standby between the ages of 25 and 30. By spending these years building up a resume, they usually cannot chip away at their student loans. Moreover, carrying that debt around with them puts off other major life milestones like getting married, buying a house, and starting a family. The average age for someone to get married today is between 28 and 30 years old, compared to boomers, who were usually married by the age of 21.
What’s the solution?
It’d be impossible to offer a one size fits all solution to this issue. It will probably take multiple significant changes before millennials will be able to find well-paying jobs quicker. Companies will have to invest more in training lower-qualified employees. Colleges will have to adjust their tuition rates. Loan companies will have to find more lenient solutions to wild interest rates. We’ve got a long way to go, but there is a way to get there.