Financial Stagnation Fuels Declining Marriage Rate Among Millennials

Those often-surveyed millennials are at it again. Causing a bit of a stir in the cultural and financial drive-train of the U.S.

This time the generation born between 1981 and 2000 are contributing significantly to the decline marriage rate.
Bloomberg writes of this trend in a piece that links financial issues with the postponement of marriage among millennials.
Almost half of 24 to 29 year olds have never married, up from about a quarter in the mid-1980s, Bloomberg writes, citing research presented in August by Census Bureau demographers Laryssa Mykyta and Nathan Vespa.
The median age of first marriage surged to a record high of 29 years for men and 26.6 years for women in 2013, up more than six years since 1959, the agency reported.
The still-recovering labor market is one specific factor for the declining marriage rate among young adults. Unemployment for 25 to 34-year-olds declined to 6.2 percent in September, from 10.6 percent in October 2009.
However, that’s still higher than total unemployment, which fell to a six-year low of 5.9 percent for September. That same age group had a 4.9 percent rate of joblessness when the 18-month recession started in December 2007.
Full-time workers in that same age range have lost income, down to a median of $38,000 in 2012 from $38,760 in 2007, according to the National Center for Education Statistics data.
Salaries for bachelor’s degree-or-higher grads fell to $49,950 from $52,990 in 2007.
About 23 percent of men 25 years and older — and 17 percent of women have never married, a recent Pew Research Center analysis reported. In 1960, those figures were at 10 percent of men and 8 percent of women.

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