Tough Economy Ahead For Millennials
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MIAMI (CBSMiami) – For those who feel like they have it rough these days, try being a part of the Millennial generation.
According to economists, those born in the 1980s to the early 2000s will be hit the hardest by our last recession.
Shelly Marshall has every right to be hopeful. She’s newly married and just graduated from college. However, she said her life hasn’t been as good as she expected it to be.
For example, she hasn’t gotten her dream job yet.
“I haven’t heard anything back from the ones I have applied for,” said Marshall.
Marshall was realistic and knew that her dream job wouldn’t come any time soon.
“I know a couple people who, in my field, have graduated and they have gotten an internship right after graduation or a volunteer position, but they have yet to get a paying job,” said Marshall.
Only 30 percent of young people view their current job as part of their career, according to Evan Feinberg of Generation Opportunity, a non-profit think tank.
“Nearly half of recent college graduates can’t find full time work,” said Feinberg. “My generation is not going to see the same American dream that the older generation did.”
Margaret Simms of the Urban Institute said that there has been job growth, but because of certain issues it has not been proportional.
“Older people are less likely to retire, leave the labor market, meaning that unless jobs expand quickly,” said Simms. “There won’t be very many job openings for younger people to take.”
Millennials that are lucky enough to get hired may not feel the financial rewards the same way that their parents did.
“Many of these young people are carrying large student loans and those have a big effect on your ability to build net worth and to get ahead,” said Simms. “If you’re paying off your student loans you’re not going to have enough to invest in a retirement fund, to put aside for a down payment for a home.”
In addition to student loans, some Millennials have had a hard time meeting day to day expenses. To make ends meet, they’ve had to lean on mom and dad for help.
“If their older brother or sister is still living at home then the chances are they think they’ll be doing the same,” said Simms.
So what can young adults do about the dilemma?
“Until the economy rebounds, this generation needs to fight tooth and nail for opportunity,” said Feinberg.
Experts recommend that Millennials use their free time wisely to learn new skills, demonstrate good financial behavior and adjust their expectations which are exactly what Marshall did.
“My current plan is to, even if they’re bad jobs, get the jobs that get you the experience. Eventually I can get the jobs that ges me the money,” said Marshall.
Marshall said that she plans to return to school to get her graduate degree.