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Well isn’t this depressing: Young workers are worse off today than a decade ago.
Back when“September 11” meant nothing, young America seemed to live a more hopeful, carefree existence, minus the occasional, trendy quarter-life crisis. Today’s young people, while still optimistic, are feeling a little less like Carrie Bradshaw.
A recent study commissioned by AFL-CIO, a federation for unions in the U.S., found that workers under the age of 35 have lost some financial ground and optimism in the last 10 years. While more than half (55%) of respondents are hopeful and confident about achieving economic and financial goals in the next five years, the number is down from 77% in June of 1999.
Of course critics would say a survey from a union organization is digging to find worker dissatisfaction, but I disregarded the public policy section in the report. The startling statistics are worth mentioning:
The nationwide study, conducted in July by Peter D. Hart Research Associates, surveyed 1,156 people ages 18 to 34 and currently working or looking for work.
honestly I don't like to live with my parents.i have no freedom living with them.
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No one *likes* to have to live with their parents, it's hardly ideal. But it's a choice you make, often the most realistic and practical one. There is simply no way I could afford to live on my own with what I currently make. Do I want to move out? Absolutely. Am I actively looking for a job that will financially allow me to do that? Absolutely. But for now, it is the best financial decision for me. I wish more of my peers would have made it for themselves rather than putting themselves further and further into debt financing a lifestyle their income can't support.
Tiffany - Thanks for your comment. You are obviously not alone! I think the point of the study shows that something is awry in the workplace if so many people such as yourself feel financially unable to move out. The point certainly isn't that "1 in 3 young people are lazy," but it's that many of them don't feel like they are making enough money to succeed.
With that said, I am disappointed with the lack of savings in America, and that's evident in our generation. We aren't perfect. Some of my friends have been living with their parents since graduation and I'm confused why they haven't saved ANY money AT ALL. I mean, the majority of my paycheck goes to living expenses...So where does all of their paycheck go?
So basically, I believe the data shows there could be something wrong with both the economy AND the financial habits of Gen Y.
Thanks for sharing your story! I'd be interested in thoughts from more people. And btw, I wish I lived with my parents ... I totally would have if I had found a job in their town :)
p.s. It should say "data show" in case anyone with an eagle eye is wondering. I'm an editor, so there's no excuse ...
Thanks for sharing the survey findings Ellie! They reinforce the need for a far more proactive approach to 'money management education' across all sectors.
I'm constantly amazed at how teens/young adults are left to learn about money by trial-and-error.
I'm also nervous at the number of American adults now returning to live at home - complete with spouse and grandchildren - and STILL needing financial assistance. That trend will cause big problems here in New Zealand in years to come!
Smiles,
Stuart
Creator of the Money Mindset Mob.
Enthusiastic believer in independent teens.
@Stuart
I'm so with you; the "trial-by-error" method of learning finance worries me as well. I think we need better financial education in place; it's disturbing to me how many people in my generation learn the hard way.
But on an optimistic note, I am also inspired by how many of my friends seem interested in the topic of savings and bring it up to me. I think there is a lot of hope for future generations.
It's great to hear from New Zealand! Thanks for the comment.
Ellie
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