The U.S. recession has greatly impacted America’s younger generation. More 20- and 30-year-olds are unemployed, home ownership is substantially down and more people are realizing the standard dream of stability, 2.5 kids and a white picket fence are rapidly fading.
While it is unclear how long it will take for the U.S. economy to fully recover, it will be a long, arduous healing process. These effects could last a lifetime.
Many of the younger generation, unable to find jobs and support families, are finding themselves placing their children up for adoption. Realizing that they do not have the facilities to support child rearing, they are allowing more established couples to adopt.
Heart to Heart is a Utah adoption agency that specializes in working with birthmothers help place children into loving, accepting adopted families. Many of these birthmothers have been hit by skyrocketing unemployment rates. For example, in 2000 the Census showed that among 16- to 29-year-olds, employment rates were 67.3-percent and in 2010, reports show that this dropped to 55.3-percent, the lowest levels since 1945 and the end of World War II. Additionally, statistics show that entering the job market during a recession actually reduces one’s earnings for a total of approximately 10 to 15 years.
In fact, the budding Generation Y is faced with the phenomenon dubbed “cyclical downgrading,” which means that when the job market is poor, people find themselves taking jobs they would otherwise not have. This means that once an economic recovery is in full-swing, these individuals find themselves with a less desirable skill-set than they would have had if they had been afforded the opportunities to take a better job. Additionally, this leads to further deterioration of skills, and eventually Generation Y will find themselves faced with stiff employment competition.
Reports also show that more young Americans, aged 25 to 34 years, live at home with their parents. In fact, this statistic is up by 25.5-percent from 2007. As home ownership declines – a decrease of 9.6-percent since 1980 – statistics show an increase in elderly households increasing by approximately 7.4-percent.
Many young adults, when faced with an unexpected pregnancy, find that they need to remain mobile and on the move to find jobs and a monetary means to support him/herself, much less a child. In today’s economy, children are not free, nor are they inexpensive. Parents, when faced with the possibility of additional healthcare costs, education, diapers, food, toys and childcare, may feel overwhelmed. As a private adoption agency, Heart to Heart works with birthmothers during this difficult time, helping offer open adoption and private adoption agencies to birthmothers.