Raised during the Great Recession, Millennials entered the workforce during a significant economic downturn. Although they currently make up the majority of the workforce, attaining employment has been fraught with obstacles. In a report produced by the US Council of Economic Advisors, the overall unemployment rate for workers between the ages of 18-34 peaked at over 13% in 2010. In 2014, unemployment dropped to 8.6% for this age group, a substantial reduction that introduced 990,000 Millennials into the workforce.
According to the report entitled, ’15 Economic Facts about Millennials,’ the repercussions of the Great Recession will affect future labor force outcomes. Research indicates that the economic atmosphere during a child’s upbringing can influence their future earnings and financial behavior in adulthood. In addition, the report states that individuals who experienced the Great Recession were likely to invest less and pursue more conservative investing strategies throughout their lives.
Millennial face slow wage growth associated with the Great Recession and the years that have followed, in spite of the fact that they are the most educated generation in the history of our country. These college graduates have seen a greater level of employment than those without degrees. Nevertheless, the college debt that many of them have accumulated have made financial independence a challenge. Many Millennials are still living at home and statistics show that they are getting married and purchasing homes later in life than earlier generations. Job security is important to this generation and they are making less transitions early in their career than the generation that proceeded them.
Undoubtedly, at this point you may be wondering how Millennials could be considered a generation of optimists in light of these indicators. Millennials are “largely optimistic” about their future success. Their unprecedented enthusiasm for technology rivals their desire to make a positive impact on their communities and society. They place a high value on relationships with friends and family which enables them to integrate their work and personal lives naturally.
Closing with the conclusion from the report:
“In sum, quality of life appears to be a focus of this generation. Millennials value staying close to family and friends, having free time for recreation, and working in creative jobs. However, they also want to make a positive social impact on their own children, their communities, and on society as a whole.”
“Bing.” 15+economic+facts+about+millennials –. N.p., n.d. Web. 09 Oct. 2015.