Hispanic Millennials: Pooling Resources to Win in This “Next Normal” [INSIGHT]
June 4, 2014
Many of our recent blog posts have shown that Hispanic young adults are working toward getting to where they want to be in their careers-but they’re not there yet. They’re living in a world of economic turmoil that they hadn’t really bargained for. To guard against this uncertainty, many are living with their parents well into adulthood or moving in with romantic partners. (When it comes to marriage, however, they’re in no rush.)
Tr3s talked to Latino young adults about what they’re doing to survive in today’s competitive job market as part of its recently-released its 2014 study, “Hispanic Adult Millennials at Work and Play.” This project included quantitative and qualitative explorations of nearly 1,000 Hispanics and non-Hispanics ages 19 to 34, as well as information from Simmons, Pew Hispanic Center, Nielsen, and numerous Viacom studies.
Here are key insights from “Hispanic Adult Millennials at Work and Play” on the subject of pooling resources:
Close to half of Hispanic Adult Millennials live with a parent. Overall, 45% live with a parent or parental figure (aunt, uncle, grandparent), compared with 38% of non-Hispanics. Among Hispanic Adult Millennials under 30, 56% reside with a parent (vs. 45% of non-Hispanics). There are no major differences between Hispanics and non-Hispanics 30 to 34, however-just under a quarter of both groups still live with their folks.
Most Hispanic Adult Millennials who don’t live with a parent reside with a romantic partner. Hispanics and non-Hispanics 19-34 live with romantic partners at the same rate (40%). Among both groups, 19-29s are significantly less likely than 30-34s to be shacking up (about a third of 19-29s and just shy of 60% of 30-34s).
Among Hispanics, males are more likely to live with parents and females are more likely to live with romantic partners. Male Hispanic Millennials are significantly more likely than females to live with Mom and Dad (56% males, 36% females). Female Hispanic Millennials, on the other hand, are twice as likely to live with a romantic partner (50% females, 26% males).
Just 1 in 3 Hispanic Adult Millennials is married. Marriage has been on the decline in recent years, owing in part to economic uncertainty. Since 2008, the marriage rate has declined by 17%.
Very few Hispanic young adults live alone. Only 12% of Hispanics 19-34 live by themselves-significantly less than non-Hispanics (21%). Hispanics 19-29 are least likely to be living alone (10%, vs. 17% of Hispanic 30-34s).
Source: Tr3s Hispanic Adult Millennial Study (2014)