Final answer:
Young people, particularly Millennials affected by the 2008 financial recession, often go into debt as they strive to live a lifestyle comparable to their parents. They face challenges like a competitive job market and high educational expectations, which sometimes lead to returning to their parental homes, a trend associated with the Boomerang Generation.
Step-by-step explanation:
The phenomenon of young people going into debt trying to live the same lifestyle as their parents reflects a complex interplay of economic, social, and individual factors. The financial recession of 2008 had a profound impact on Millennials, shaping their entry into adulthood and affecting their financial behaviors. With employment prospects low, many recent graduates found themselves moving back home, burdened with student loan debt, and deferring hallmarks of adulthood such as establishing romantic partnerships, securing permanent homes, and making long-term commitments. This group, often referred to as the Boomerang Generation, faces unique challenges, as they are caught between educational expectations and the stark realities of a post-recession economy, which result in stress and anxiety about financial independence and security.
Educational expectations, too, contribute to the pressure on young people, as the pursuit of higher education is often seen as a pathway to wealth, leading some to sacrifice happiness for high-paying careers. However, this educational debt, combined with an increasingly competitive job market, has left many Millennials in debt with fewer resources than previous generations, like those in the 1970s, who generally had more savings and less debt.