Overview

At the close of the 20th century, a formative identity began to take shape among a new generation of American teenagers. These kids were not just the next wave of disaffected and disinterested Gen X youth. Rather, they were upbeat and engaged. Reared by parents determined to be supportive and caring, this cohort of children had a decidedly optimistic and outward-looking disposition. They were positive and confident, ready to play (and later, to collaborate) with one another. They were interested in learning from the adults around them as opposed to questioning their authority. Deploying new and seemingly transformative technologies, they embraced their Millennial moniker and prepared for the task of improving society around them. They were poised for greatness and ready to make their mark on the 21st century.

But a decade and a half later, events beyond their control are hampering their potential. They are entering what should be the prime of their working lives and family-forming years. Instead, through an accident of history, they are entering adulthood in an age of uncertainty. The Great Recession dramatically altered the economic landscape, and Millennials will be dealing with its consequences for decades to come. Five years after the official end of the recession, incomes remain stagnant, and, compared to their parents at a similar age, Millennials have lower levels of wealth and higher levels of debt. The weak recovery has exacerbated inequalities in our society and created pervasive conditions for downward mobility instead of opportunities for more broadly shared prosperity. Navigating the risks on the road to adulthood has become more arduous for this rising generation, and this is undermining their potential, reordering their aspirations, and complicating many of their key life decisions.

These challenges are concerning not just for the lives of today’s young adults, but also for the fortunes of the nation as a whole. It should be a collective project to reverse Millennials’ declining mobility, support their family choices, and cultivate their resiliency. Successful policy interventions to bolster the prospects of this generation must not be based on the needs and characteristics of previous generations; they must be aligned with their prevailing public attitudes, preferences, and attributes and be reflective of the modern economic, technological, and social context. Every generation has a past, present, and future. Understanding where Millennials have come from and how they have fared in the wake of the Great Recession provides a foundation for designing effective public policy that can help this generation achieve its promise and reach its full capabilities, which will benefit us all.

Download PDF – Millennials Rising: Coming of Age in the Wake of the Great Recession