The data also underscores how"We are seeing a 'credit gap' emerge in the sense that younger, less-affluent borrowers are coming under financial pressure from higher living costs and inflation outpacing their income gains," Silvio Tavares, chief executive of VantageScore, told The Journal."We aren't seeing that among older and more-affluent borrowers."Millennials have also had trouble getting back to work.
Based on employment-population ratio data from the Bureau of Labor Statistics, the share of 35 to 44 year olds with a job saw a severe drop during the pandemic. The ratio dropped from 81.2% in February 2020 to 71.8% in April 2020. The ratio in January 2023 of 81.0% falls short of that in the late '90s and early 2000s, when baby boomers were the same age. The highest ratio for this age group was in November 1999 as well as in January and February in 2000, when this ratio was 82.7%.
Millennials, who are in their prime parenting years, were affected by childcare issues during the pandemic and the childcare shortage. During the pandemic, some parents left the labor force as they handled issues like closed childcare centers. Childcare issues aren't over though. The sector is still below its pre-pandemic level of employment and
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