First, I wanted to publish this last week, but I have an article I read in my Star Ledger newspaper on Feb 14th. I cannot find the link for it online, but there is a similar article of which I have linked at the bottom of this entry. The name of the article I want to comment on is: "Economic Downturn Could Trigger a 'Cultural Transformation' for U.S."
This article, in summary, talks about the current economic condition and how it will affect our current generation. We all know that we are in what is called the "Great Recession" being in contrast to the Great Depression. To many of us, we have taken a definite direct hit from this time. Either we are out of work, took work for lesser pay, graduated with no job, or just lost a lot of money. It affects all of us somehow.
Taking our current misfortunes and tough times will definitely change our "Millennials" generation and change the way we approach life. The papers states, "Research into past periods of bust, no matter how shallow or short, suggests many of today's young adults will be more cautious, cost-conscious and wary of the fast track -perhaps for a lifetime."
I agree with this. I know that I have lost a fair bit of faith in the stock market, and I think seeing our parents lose a lot is making us young adults really reevaluate how we will make our money. In polls across the nation, our generation is most concerned with the economy as our top political issue. Although we say making money is a big priority for our future well-being, I think we may not be so inclined to earn it as fast. Tortoise and the Hare for saving money.
The article goes on saying that this financial crisis is "actually leading to a cultural transformation. Something is definitely permanent about it." I think this recession in the early onset of our adult lives will cause us to change our indulgitory (is that a word?) spending habits. It was predicted years ago that we may be the first generation that does not raise the standard of living of our parents' generation. This may soon become a reality if we do not change our quick shopping trends. Maybe there is hope for us to go from a "ME" economy to a "WE" society.
Apparently we are in our impressionable years. Ages 18-25 are the years in which "most beliefs on how society and economy are formed." According to the article, in 1972, America was going through a very similar recession, and some lessons have come from that time:
1. "A long term tendency to invest more conservatively and choose safer jobs.
2. A belief that individual success is driven more by luck than by hard work
3. Support for the government redistribution of wealth to help those not so lucky.
4. Despite that value, a cynicism toward government's ability to deliver the help poor people need."
And it may be we continue to follow this trend. "At least for those in the 18-25 age group, who may have languished after graduation in search of jobs in their chosen fields, or perhaps any work, those feeling may never be worn away." Darn right! I think that statement summarizes how we will carry a bit of caution with our success as we move up in the world. I think our generation will grow stronger and be more cautious of an economic downturn than our parents were.
One of the final facts this article stated surprised me. "Unemployment among 20-24 year-olds stands at 15%, 5 percentage points higher than the national average." As much as this makes sense, I feel it may be a bit off. I would like to argue that our unemployment rate is actually higher. Most of my friends have entered grad school to avoid being stuck at home, and unemployment does not cover that. Most of my friends are unemployed from graduation, including myself. I feel that our unemployment rate is around 80%, but that is my exaggeration. Yet, "for each percentage point tacked on, salaries drop 6% for new graduates." We are getting jipped out of a lot of money.
The article further states, "Perhaps the smart money is on college graduates of 2010 switching careers, not just employers, several times in their lifetime." What I am taking from this is, our generation is suffering the most. At a time when the world is supposed to be at our feet, we have returned to square one. We are suppressed to just waiting out the Great Recession. Not only that, but after we have just discovered what we want to pursue and just studied for 4 years, we may now be forced to switch careers just to survive. Why should our dreams come at a cost or be postponed? What lesson is being taught there. I only hope 30 years from now, our generation won't be saying, "if only I had done this."
Maybe it already has. This is an article link just proving that point. http://www.theonion.com/content/node/30469?utm_source=EMTF_Onion
Overall, I am just really angry about the economy, and I know I am not alone. To my fellow Millennials, we will learn from this, and we will become more aware of money and its fragile existence. I also take this challenge as a wake up call for us. The only way things are going to change is if we take matters into our own hands. We must make the change. I refuse to be one of the 15% of those not getting ahead in life. I want this to change. Let's make a good name for our generation as we have a lot to overcome. Maybe it will be a Cultural Transformation!
Let's take this as our rallying cry! Millennials unite! :D
Similar article to the one used above:
http://www.mediapost.com/publications/index.cfmfa=Articles.showArticle&art_aid=114727
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