Will Millennials be Better Off than their Parents?

We place expectations concerning job security, financial success and other factors on up-and-coming generations. For Millennials, who started with these same expectations, the ability to do better than their parents may not be within reach.

Things looked bright … until the recession

In the years leading up to the recession, Millennials had high hopes, big dreams and huge expectations. As they entered the workforce, they made ripples that created interesting perceptions about their generation, some of which are probably true, many of which are not.

Highly entrepreneurial, many of them started their own businesses and found a great deal of success. Their sense of community and volunteerism is unmatched. Times were good for the early Millennials.

Then the recession hit. Deemed the worst financial crisis since the Great Depression, young adults have been hit the hardest by the recession. Eighteen to 25-year-olds have the highest rate of unemployment. A third are underemployed. Many moved back home with their parents. Research indicates that a large number of them are delaying adulthood activities like buying a house, getting married and starting a family.

While the cultural implications of the recession will be unknown for many years to come, the financial impact has had a detrimental impact on young adults trying to get their careers off the ground.

Years of recovery

Lower starting salaries can often take decades to overcome, and for those Millennials taking any job they can get, their careers may never fully recover. Even those who were fortunate enough to get jobs at the beginning of the recession aren’t making much more money now than when they started. The financial impact of this may be felt for many years to come as Millennials work to pay off debt with little left over to save for retirement.

One of the biggest problems for Millennials in this economy is that they are not competing against other young adults for entry-level positions. They are competing against professionals with far more experience who are willing to take any position to keep food on the table.

For a young person straight out of college with very little experience, the prospects may seem grim, and for those who bypass college altogether the question is, what prospects?

No easy answer

Eventually, baby boomers will retire. If no plan is in place to get young adults into a company and trained, the problems of the recession may grow even larger.

The business community needs to be involved with colleges and high schools to help students prepare for the workforce. That means immersing students in organizations throughout northeast Indiana. If local organizations are not working with educators to provide young people with skills to help them be successful, then we will continue to see young adults struggle.

So how can you help?

Offer an internship, externship, job shadow or class tour at your company. Volunteer to speak at local high schools and colleges. Get involved with local Career Services offices for mock interviewing, professional skills training and other events. Connecting now may help you get your next superstar!

For more details on how to get involved with our local high schools and colleges, contact Jennifer Fisher at
jfisher@fwchamber.org