For those parents out there who think they have been hit hard by the recent recession, take look at what your children will have to deal with.
According to a study by Kathryn Edwards and Alexander Hertel-Fernandez from the Economic Policy Institute, the unemployment rate for young workers has increased by 7.1 percentage points from December 2007 and January 2010, raising it to 18.9 percent at the start of 2010.
This statistic shows that thousands of newly graduated college students could be without a job for an extended period of time.
“I have thought about not having a job once I graduate, and it’s going to be tough to find one,” said Stonehill College senior Aly Chadbourne.
“There aren’t enough jobs for our parents now, so how are there going to be any for us?” said Chadbourne.
Today’s young adults have it dramatically harder than their parent’s generation to reach their financial goals, such as paying off college debts, buying a home, and raising a family.
According to a study conducted by the Pew Research Center this year, 82 percent of Americans think that finding a job for young adults is harder than for their parent’s generation.
In that same study, about 75 percent of the public says it is harder for young adults to save for the future, as rent and college payments have skyrocketed recently.
“One significant hardship faced by current college graduates and the generation coming up after is the incredible cost of a college education. I am not sure we will be able to sustain this model with students graduating so deeply in debt, especially if the job market continues to be so sluggish,” said Stonehill College Communication Associate Professor Anne Mattina.
With high rent costs, tuition bills causing college debts to soar, and high unemployment rates, young adults may find it extremely hard to save for their futures.
“I’ve talked about this with my parents and friends, and it’s basically impossible for us to save money for the future right now. We’re going to have to live off of our paychecks each week, instead of putting some money aside for later,” said Stonehill College senior Ryan Fitzgibbon.
According to BestCollegesOnline.com, for tuition payments in 1973, tuition for one year at a private college averaged to $9,876, and at in-state public schools, just $2,175. In 2009, the average tuition has nearly tripled, as private colleges are around $25,143, and in-state public universities average $6,585.
For young adults, bad times don’t always squash optimism.
“I feel pretty okay about my future,” said Stonehill College senior Doug Wilkins. “I have a job lined up, and I’m applying for graduate school as well, so I feel pretty positive about the next few years.”
According to the Pew Research study, nearly 88 percent of young adults between the ages of 18-34 say they have enough, or earn enough money now, or expect they will in the near future.
“Luckily I found a job, but it did take a little while,” said Stonehill College graduate Lauren Tenaglia. “And almost all of my friends feel pretty good about where they are in their jobs right now.”
In a new survey of 842 young adults by Demos, a U.S. based research and policy center, found that almost 69 percent of 18-34 years old American’s believe the American dream is “still achievable.”
“I believe they recognize the reality of the road ahead but are facing their futures with generally positive attitudes,” Mattina said. “As a culture, we are pretty resilient, and believe that all things are possible if you work hard enough.”
According to the Pew study, there is a connection between college enrollment rates and employment decline in young adults, “A greater share of young adults are enrolled in high school or college today than at any time in recorded history.”
This jump in enrollment rates has a large impact on the employment decline of this age group, as there just is not enough time in the day to be fully enrolled at a school, and have a well-paying job.
“I have a job here at school, but it’s nothing crazy,” said Stonehill College senior Brett French. “I work at the Spoco, so it’s not high paying, but I don’t think I, or anyone else for that matter, would be able to sustain a full college education accompanied by a full-time job.”
One aspect that has remained constant throughout the years has been that once a job is attained, job satisfaction is still relatively high.
According to the Pew study, job satisfaction among young adults is relatively high, similar to what it was prior to the 2008 recession. For those young adults who are currently employed, most are pretty satisfied with their jobs.
“I am very satisfied with my current job,” said Stonehill College graduate Peter Mayer. “It is a well paying job in an field where I can branch out from, if I need to. I can take advantage of a lot of future opportunities that are presented to me.”
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