As Labor Day commemorates the social and economic achievements of workers, the current U.S. job outlook remains discouraging. Recent data released by the U.S. Department of Labor reveals unemployment remains steady at 9.1 percent. What does this mean for Millennials starting college or about to enter the workforce?
Generation Opportunity commissioned a poll for Americans ages 18-29 about their perceptions on the state of the economy and how it has influenced them. Let’s take a look at the numbers:
Delayed Dreams – Human Cost of the Bad Economy on Millennials:
Only 31 percent of Millennials are satisfied with President Obama’s handling of youth unemployment.
Seventy-seven percent either have or will delay a major life change or purchase due to economic factors:
- 44 percent delay buying a home
- 28 percent delay saving for retirement
- 27 percent delay paying off student loans or other debt
- 27 percent delay going back to school/getting more education or training
- 26 percent delay changing jobs/cities
- 23 percent delay starting a family
- 18 percent delay getting married
Millennials on Government Spending and the Creation of More Economic Opportunity:
- 76 percent of overall Millennials would favor a decrease over an increase in federal spending from its current level if given the chance to set America’s fiscal priorities.
- 59 percent of overall Millennials agree the economy grows best when individuals are allowed to create businesses without government interference.
- 53 percent of overall Millennials agree if taxes on business profits were reduced, companies would be more likely to hire.
Two things are clear from this poll. One is that Millennials are making financial sacrifices (or delays) to get by. More than ever, we are aware of the impact our personal finances have on our lives. Making good judgments and living within our means is a habit that will stay with us for life and will survive any economic recession.
Second, Millennials have an overwhelming sense of entrepreneurship and the importance of it. Over half of those polled agreed that the economy would grow and thrive if businesses were taxed less and had less government interference. It’s safe to say that for Gen Y, no job is permanent. Take it upon yourself to create a career back up plan, or create your own business venture. In doing so, you will solidify your own success and permanence in a fluctuating economy.
What are your thoughts about Gen Y’s reaction to the economy? How do you continue to adapt during this time?
