Young Americans struggle to find work, leave home

Published: Friday, April 6 2012 2:25 p.m. MDT

In this March 22, 2011 photo, job applicants wait in a long line at a job fair in San Jose, Calif.

Paul Sakuma, AP

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For years and years, young people have been able to graduate college with the expectation that they could get a decent job and start their own lives. That's not exactly the case anymore, according to US News.

Recent college graduates are entering one of the worst job markets since the since the Great Depression, according to the article. Their ability to acquire wealth has shrunk as many have been forced into part-time jobs. As many as three in 10 young adults currently live with their parents because they simply can't afford not to, according to Pew Research Center.

In addition to that, the average net worth of young Americans under 35 dropped from $11,521 in 1984 to just $3,362 in 2009, a drop of 68 percent. The average net worth of Americans over 65 grew from $120,547 to $170,494 during that same time period, a 42 percent increase, according to a November 2011 Pew Social and Demographic Trends Report.

"These are patterns that are decades in the making and they were accelerated by the bad economy," Paul Taylor, executive vice president of the Pew Research Center told US News.

EMAIL: bbullock@desnews.com

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