By Amid a recovering economy and scarce job market, more college graduates and young adults are saving money by staying at home and working low-paying jobs while searching for something more promising.
According to the U.S. Census Bureau, 36.2 percent of young adults between the ages of 25 and 29 moved out of their family’s home in 1963. In 2013, however, that number has dropped to 23.3 percent.
Wade Martin, chair of the Cal State Long Beach economics department, said that recent graduates find it difficult to leave home for some of the same reasons that much of the population is struggling.
“There is a slow job growth due to the recent recession, and the government shutdown that happened recently didn’t help either,” Martin said.
A high unemployment rate, which forces the younger generation to take lower paying jobs, is one reason why some graduates are struggling, he said.
“[Recent graduates] take on temporary service jobs that do not provide enough money for high housing costs,” he said.
Some recent CSULB graduates, like alumna Brittany Woolsey, said she decided to live at home after graduating with a bachelor’s degree in journalism because it made more sense for her financially.
Woolsey said she was freelancing and working in retail until she obtained a full-time job and moved to an apartment in Long Beach at the beginning of summer.
“Finding a full-time job in journalism was hard after graduating,” Woolsey, who graduated in spring 2012, said via Facebook’s messaging service, “and I stayed at home so I could continue looking for a job rather than dedicate myself to something else where I would make more money.”
Some students, like senior international business and finance major Jackie Napalan, said they could have stayed at home but chose to move out instead.
“For me, my parents let me stay, but I wanted to get out,” Napalan said. “I probably would have saved $7,000 on my own if I lived at home.”
According to the Bureau of Labor Statistics, the nationwide unemployment rate as of October 2013 is 7.3 percent, a drop from its highest point of 7.9 percent in January.
Martin said the best way for graduates to secure a job in the future is to develop marketable skills, typically acquired through hands-on experience.
“Students must intern, even if they are not paid,” he said. “They need to demonstrate worth and develop a network of contacts. Sometimes you’ll have to get in touch with 50 to 60 people just to get one opportunity.”
Martin also said that waiting to find the perfect job could end up costing people in the long run.
“The longer you wait to find work, the larger the void on your resume will be,” Martin said. “And of course, it’s easier to find a job when you already have a job.”
Despite the economy’s current situation, obtaining an education and furthering that education should still be at the forefront of students’ minds, Martin said.
“Everybody needs marketable skills,” he said. “Having a job can make you marketable, but rarely can they teach you how to think critically.”
Editor in Chief Kristine McGowan and Assistant Opinions Editor Nicolas Rodriguez contributed to this report.
