My 33-year-old son and his girlfriend have a large apartment in a nice complex and no debt that I know of except maybe car loans. They’re not likely to buy a house as long as they stay in their current geographic location because of the staggering cost of homes there. But otherwise, they’re in good shape.
My 29-year-old daughter and her husband, who have the good fortune to live in a less expensive part of the country, own a house. They have no debt that I know of except their mortgage.
Neither kid seems to be suffering financially. But they both have partners, and neither couple has children. Both of those things make a difference. The people who were once called DINKs (double income, no kids) tend to do well.
But I am interested in whether there is clear evidence for this? Lack of increase in earnings does not necessarily mean lack of increase in productivity.
That drop in marriage stat from 80% to 47% really stood out to me. I’m mulling the social consequences of a lot more adults just staying single. Sure, some will partner long term without marriage. But still… changes in birth rates, living arrangements, travel, and other things could be profound. (Maybe I should take a look at my stock portfolio with this in mind - who will profit? ?)
Waiting to get married sure beats tying the knot too young. So many more options for women today than the '70’s. Times were changing but it takes time. So many good changes regarding women’s roles in society. My mother’s generation had a terrible time compared to my Women’s Lib one. And we faced obstacles today’s young women never heard of.
I also wonder about comparisons in the standard of living. Cars cost so much more but have so many more comfort and safety features. Electronics are expected, commonplace items. Households have things like dishwashers and air conditioning plus all the other changes.
Shrinking the population may devastate our generation when there are no longer enough workers to sustain the benefits we expect when elderly. But- do we deserve the luxuries of high cost medical care just so we can live longer?
I sometimes think the golden age is ending for our society- worldwide, not just this country.
And- there are still plenty of young people having plenty of children before they are even 25, often with different partners. Marriage has never been needed for producing children. But they usually face harsh economics and their children never get to be middle class either.
@wis75 Will they ever tie the knot, though? I wonder… one of mine married at 28, but the younger one (24) told me last week that she is leaning toward never marrying or having kids. ?
If you mean the ending of a golden age for the majority of the population (as opposed to a few of the wealthiest) who benefited from strong economic growth whose benefits were widely distributed, that seems to be a corollary of what Walter Scheidel argues in his book The Great Leveler.
My kids are 29 and 31. Both are good with kids but neither is engaged or married. No idea whether either will have any children. Our S has certainly traveled the world much more than I have already and is enjoying the journey. I would love a grandchild or more, but only if and when my kids want to be parents. Until then I can be an auntie and great aunt to other’s kids.
Getting married young and then getting divorced or staying in a toxic marriage isn’t great either. I’m glad people are being more thoughtful and deliberate about long term commitments.
@intparent at 24 I had no interest in kids. At 32 my SIL had a kid and poof I desparately wanted one too. Nine months later, I was a parent as well. I think there’s a decent chance that my soon to be 27 year old will marry in the next few years, but kids? I don’t know.
Some will, some won’t. My H and I were ahead of our time- we met and married in our early 30’s. Nieces and nephews generally waited until after 30, living with each other before marriage and now are having kids. Most of my college friends never married nor had kids, it won’t surprise me if son doesn’t. Many, many generations ago marriage did not occur until the woman proved fertile by being pregnant in some societies. The ways of our and recent generations are not necessarily the best.
Perhaps our culture needs a mindset change. There is life without marriage and kids, folks. This is the Parent Café so we all did get married and raise kids. But- the world does not need more people and NOT having as many kids is a good thing overall. Of course the average IQ will never be raised as the most intelligent tend to not contribute as many kids.
What is the purpose of marriage? Is it to ensure the man sticks around to support the kids? Why a legal commitment without kids? For benefits laws give with a legal document? The young think they are immortal. It is not as important for them to have the monetary benefits if a partner dies either- they have time to earn money. Do parents really want their daughters to give up so much the sons always will have because of pregnancy and children? Perhaps some of you are “earth mothers” whose primary focus is their kids. But so many women want the same things sons have always been encouraged to achieve.
Where are the husbands and fathers in this discussion? I’ll bet even the best of them are comparatively oblivious to this issue. And even those of you ten years younger than I was when you started families- after those watershed years.
I think the biggest change is that young people today don’t have much of a young adulthood. Many are treated, and consider themselves, as children until they are 30, and then by 40 are middle aged and subject to the protection of age discrimination laws for a reason. A briefer window to enjoy the young adult years.
Alas, biology is rather fixed. Fertility windows still do close eventually, and age discrimination does begin around 40 as employers welcome the younger and cheaper next generation ( perhaps even much earlier than 40 in the tech world).
Interesting link from OP. But very one-sided. It’s been awhile since I’ve seen so much pessimism in a single article! ?
I can’t imagine any millennial today choosing to live in the 70’s if they could see an accurate picture of life back then. “No smart phones?! No internet?! ?”
Statistically, the murder rate has been cut in half. Traffic accidents are somewhere on the order of 80% lower by vehicle mile travelled. Advances in medical care, technologies of convenience, etc. Can you imagine a millennial’s reaction if they were asked for something “in triplicate”? ?
One apparent implication in the article is how college costs are holding millennials back, possibly because fewer tax dollars support education? Didn’t really say. Anyhow, if only a third of people have degrees, doesn’t this mean 2/3 are saving on their tax bill?
Also, the marriage rate difference is purely a choice. Marriage rate comparison is for all people, so student loan debt likely has little to do with this.
@roycroftmom, young adulthood (the time before settling down, having kids, and having another human being totally dependent on you and your partner) is stretching out longer as well.
@OhiBro, I agree with you and Warren Buffett. In every era, there is doom and gloom and the future will always look worse, but throughout American history, (those who are entrepreneurial, hard-working, and/or smart) in each generation have done better than the last.
The succeeding Progressive Era was a mixed bag with some economic changes (not enough to prevent the Great Depression) but increasing hostility toward minorities and immigrants, the eugenics movement, overreactions like the Prohibition, and an old international order that was destroyed in a great war to plant the seeds of new threats of fascism and communism.
Replicating that does not seem optimistic overall.
Let’s see. In 1970s my mom had to deal with sending my dad to serve in Vietnam while she raised her infant alone. Despite having a math degree and working, she couldn’t have her own credit card without my dad to co-sign. And despite working to teach in a school for pregnant teens, she was not allowed to continue when they found out she was pregnant. No, I don’t think too many women would choose to go back to those times.
And my mom made dang sure that her daughters were allowed to try any sport or activity, because she was never allowed. And she also made sure that her daughters would be independent and able to take care of themselves.