Failure to Launch: Black Millennials Lag in Achieving Financial Freedom
A rundown of how the recession impacts Black millennials.
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Greatest Decline in Employment - Economic shifts between 1980 and 2012 have caused a delay in young American adults’ ability to launch their careers, according to a new report by the Georgetown University Center on Education and the Workforce. Young African-American adults have felt the effects of this more than any group. Take a look at how Black millennials have been negatively impacted by the recession. — Natelege Whaley Young African-Americans have the greatest decline in employment among racial groups between 2000 and 2012. The percentage of Blacks in their late 20s working full-time jobs declined from 65 to 48. This compares to a decline in employment from 71 percent to 62 percent for whites of the same age group. (Photo: Hero Images/ Getty Images)
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Unemployment Rate Twice as High as Whites - In 2010 the unemployment rate for young Black adults was 30 percent compared to 14 percent for whites following the Great Recession. As of August 2013, the numbers have dropped but a gap still remains. More than 15 percent of African-American adults ages 25-34 were unemployed compared to 6.3 percent of whites in the same age group.(Photo: Hero Images/ Getty Images)
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Longest Delay in Reaching Median Career Wage - The age at which African-Americans reach the median wage has increased to 33 in today’s economy, up from 26 in 1980. For whites, this age has shifted from 26 to 31.(Photo: Hero Images/ Getty Images)
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Wage Gap Has Widened More - Young African-Americans saw significant economic progress in the 1990s, but the wage gap between whites and Blacks has widened significantly since 2000. In 2012, the African-American/white wage gap was 35 percent for adults 26 to 30, up from 23 percent in 2000. (Photo: Hero Images/ Getty Images)