The first major problem facing Millennials today is finding a job as many opportunities were lost due to the 2008 recession.The national college tuition fees continue to rise, putting more burden on those graduating from high school or university every year – it’s getting tougher by the day! Student loan debt is an epidemic that has been growing at an alarming rates in recent years. We’re creating generation after generation of people who cannot live the American dream because they have their futures chained down with student loans and financial obligations, often for life.
The Millennials, or Generation Y ‘ ers, are born between the years of 1980-2000. This generation is different from any other generations that came before them because they have a higher rate of college degrees and more debt than anyone else in history, with an unemployment rate of 13%. However, there have been many changes for this group over time and during their life span so far.
Researchers believe it may be due to a lack of employment opportunities and finance. Employers require skill sets like knowledge about computers and social media even though these skills were taught while going through school systems all around America.
The recession caused people who graduated high school in 2008 to find jobs by 2011, only doing slightly better than those without college educations.
Despite these poor figures, new studies suggest that a college education is still worthwhile. With manufacturing jobs on the wane and technical jobs increasing, today’s millennials are expected to make up monetarily in time. However, currently, they face obstacles such as high student loan debt which forces them into lower-paying work or underemployment with low incomes – all of this has had an effect on their spending power, too; delaying commitments like marriage and children (which drive economic growth)
Some millennials are paying off their student loan debt in full, but others will be making payments for the next 25 years. It is a problem because it reduces spending power and affects people who have to make these monthly payments until they’re almost fifty!
This generation is more than just the largest in history; it’s also incredibly influential. The spending habits of this demographic have a major impact on economic growth as they are typically frugal with their discretionary income and tend to wait for big-ticket items like houses or cars before making investments that will spur increased consumerism. It was already expected to increase purchases after salaries rose and Millennials found stable jobs; however, many analysts predict the economy could get back up to speed if these trends continue.
With the new realities of today’s economy, millennials have been forced to rethink their financial priorities. It has led many young adults to turn away from consumerism and its materialistic mindset to survive financially or maintain a semblance of control over these harsh times.