Well, Connecticut has a major problem and it might only get worse. Because it has everything to do with its changing population. Basically, Baby Boomers are now the fastest growing generation in the state. And that’s actually not a good thing.
CT Mirror reports that the latest census report reports that there’s more people than ever aged 65 and older living in Connecticut. That demographic went up from 14.2 to 16.2 percent between 2012 and 2016. And, it’s a trend that’ll only continue as more boomers hit retirement age, too.
As previously reported, senior citizens aren’t too keen on retiring anytime soon based on the economy. So, that in itself presents an extremely unique problem. And that’s probably why they aren’t going anywhere. Yet.
Because with more people over the age of 65 staying in the workforce, it forces the younger generations to seek opportunities elsewhere. Don’t forget that the state’s not doing so hot with job retention, either.
All in all, this paints a pretty bad picture for CT’s economic recovery.
Because while the Baby Boomers population went up, all other demographics floundered. For example, the amount of those under 18 living in the state dropped from 22.8 to 21.1 percent.
The number of 18 to 24 year olds also suffered with their population stagnating at 9.18 to 9.79 percent. So, what does that tell you? In 6 years the state barely added a full percentage point of millennials? AKA, the new line of young blood in the workforce?
Yeah, that doesn’t sound that great.
Same goes for the amount of new Generation X’ers, barely jumping from 17.88 to 81.24 percent since 2010.
Meanwhile, the population of those 40 to 64 dropped from 35.9 to 34.69 percent. We know why that’s happening. They’re moving out and not looking back, as extensively covered before.
So, what does that mean for Connecticut? It means we’re in for some interesting times ahead. Once the oldest generations become the largest demographic in the state, it’ll yield unfortunate results. Especially for state pension and health plans.
Either way, CT is in store for a major cultural shift whether we like it or not should this trend continue. As more people flee the state and its population grows older, our state’s finances will go out of whack. Then again, they’re barely balanced as is.
Anyways, the U.S. Census yielded further data on the state’s ethnic demographics, reporting that the Hispanic and black populations also saw a boost in their numbers since 2010.
Hispanics increased from 13.4 to about 15.7 percent since 2010 while Black residents jumped from 9.5 to 10.1 percent.
Meanwhile, the state’s non-Hispanic population fell from 3.1 million to 3.01 million. Nothing major, but it does paint a clearer picture about who’s moving in and out of the state.
Obviously, cities all over the nation are basically the places to live nowadays as more millennials seek cultural hubs to find employment. As evidenced by GE’s decision to move to Boston.
Overall, the nationwide trend is that the older populations have gained significant ground as younger generations hold off on having kids of their own. Such as the case in Connecticut because it’s struggling with a historically low birthrate.
So, we’re heading into some interesting never-before-seen times before in CT. How it will affect the state as a whole is yet to be seen. But, I don’t think anything good will come out of having an unbalanced population.
Economies need young workers to survive and climb up the employment food-chain. With younger generations struggling to find work because the older generations can’t afford to retire, it’ll cause nothing but problems.
And that’s probably why people have made a case to change minimum wage laws. Because that seems to be the only job sector that seems to be hiring nowadays.
So, what are your predictions for the good ol’ state of Connecticut? Can a state survive when their largest demographic is over the age of 65?