10 shocking stats about the millennial generation:
#1 – US Student debt is now over $1.3 trillion and is growing by over $2,700 every second.
#2 – Over 42 millon millennials carry student debt and 70% of students graduate college in debt.
#3 – 1 in 3 millennials graduating today have no job (or higher depending on race)
“For young people who have graduated high school or dropped out of high school, who are between the ages of 17 and 20, if they happen to be white, the unemployment rate is 33%. If they are Hispanic, the unemployment rate is 36%. If they are African-American, the real unemployment rate for young people is 51%.” ~ Bernie Sanders
$4 – Robots and automation are projected to replace another 5.1 million current jobs by 2020
#5 – Over the last 10 years, the debt of college grads has tripled while wages (if you get a job) have stayed the same.
$6 – 88% of college students say entrepreneurship education is vital, but 74% have no access to entrepreneurship resources on campus
#7 – 54% of millennials plan to start their own business this year
#8 – 23% of millennial entrepreneurs start a business as a result of unemployment
#9 – The number of entrepreneurs is growing from 300 million in 2010 to over 1 billion by 2020
#10 – Student debt at graduation for the typical bachelor’s degree holder will exceed annual graduate starting wages (if you can find a job) by 2023
Millennials are finding the “pay and play” model of life is simply no match for the “earn and learn” model of life.
Millennials (and increasingly the rest of us) are finding the employment path is increasingly unviable, unsustainable, and no match for the entrepreneur path.
The world has turned upside down. Today, starting a business is becoming less risky than trying to get a job.