Economic woes shocking reality for Millennials
Helena Jackson Marow found out the hard way what her 30 years of experience in the mortgage industry couldn't: the subprime mortgage crisis and a subsequent layoff -- failing to predict two major, life-altering events.
“We just had our income unplugged completely,” Marow told Real Money while polishing up her resume.
The 50-year-old single mother of two learned on Monday that she was laid off again. Her 21-year old son Aaron lost his job, too. They both worked at the same company.
Marow was a former business systems analyst and her son, Aaron, worked as an IT Help Desk employee at a national mortgage lending company.
“I was shocked and thought I was a huge asset to the company,” Aaron told Real Money. “Now I’ve accepted it and know there are better opportunities. I’m definitely interested in going back to school to get my Bachelor’s.”
Like his mother, Aaron wasn’t prepared for what happened to him. He was excited when he landed the full-time job with the company 6 months ago. He was told by his supervisors that he was doing a job well done, earning “member recognition” five times in the short span he was there.
Aaron broke the news to his 15-year old sister, Sierra, who was also caught by surprise.
Sierra is now a part of a growing trend of children under 18 who are living with at least one unemployed parent. A new U.S. Census report shows that classification increased from 2.4 million to 3.2 million families, accounting for 33 percent of households.
Nevada and Hawaii top the list of states with the highest percentage of children under 18 living with an unemployed parent.
It’s a new reality for families like the Marow’s that are just beginning to feel the impact.
MILLENNIALS FIGHTING FOR INDEPENDENCE FROM A SLUGGISH ECONOMY
Economic woes are motivating millennials like Aaron to continue school while employers scale back on labor.
“I became independent at age 30, and am now living with roommates,” Deondray Calhoun told Real Money.
Deondray and his family purchased a home in 2006 before the recession thinking the family would remain financially secure. The next thing he knew, he was out of a job two years later. Like Aaron, Deondray was a millennial when he lost his job.
The 31-year-old automotive manager now spends his time supervising over 200 employees instead of applying for jobs.
Deondray earned his degree while living at home. He no longer counts himself among an increasing number of millennials living at home with their families.
Sentier Research, a firm of former Census Bureau employees, told Real Money there’s been a pronounced shift in educational attainment. Those who lost jobs during the recession went back to school. The number of Associate Degrees in households is up by 14.7 percent and the number of Master’s Degrees is up by 10.1 percent.
Like Deondray, Aaron is planning on obtaining a higher degree in hopes of getting a job. “I start college in the fall…I’m looking forward to it,” Aaron told Real Money.
Marow didn’t expect Aaron to experience his first layoff at 21 let alone any layoff, but is confident she and her family will survive this experience.
“I survived the mortgage meltdown, and we’ll survive this,” Marow told Real Money.
If you have a personal story to share with Real Money, tweet us at@AJRealMoney with our hashtag #AJRealMoney.
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