Hispanic Millennials and the Economy: Hit Hard, But Still Optimistic.
The number one life goal among Hispanic Millennials is to have a successful career, according to the 2011 Maximo Report. But getting a start on that career is no easy feat: while young adults in general have been hit hard by the weak economy, Hispanics have been hit even harder. According to an analysis of Simmons data, full-time employment among Hispanics 18 to 29 fell from 52% in 2008 to 36% in 2012 – a 30% decrease. Over the same period, non-Hispanics of the same age group experienced an 18% decline in full-time employment.
Combined levels of part- and full-time employment are similar among adult Hispanic and non-Hispanic Millennials – but young Hispanics are less likely to be employed full-time and morelikely to be working part-time. While 36% of adult Hispanic Millennials have full-time jobs, 42% of non-Hispanics in the same age group do. Part-time employment among Hispanics 18 to 29 is now at 23% — a 56% increase since 2008. 18% of non-Hispanics in this age group work part-time, and there has been no significant change in this statistic since 2008.
Getting a college education is the focus of many adult Hispanic Millennials’ efforts. Full and part-time college enrollment has grown by nearly 60 percent — from 17% in 2008 to 26% in 2012, almost matching non-Hispanic levels (27%). In fact, rising college attendance may be contributing to young Hispanics’ lower levels of full-time employment. A growing proportion of young Hispanics are combining work with college studies, however. In 2012, 27% of employed Latinos 18 to 29 were in college, compared with 16% in 2008 – an increase of nearly 70%.