There's a new term that we've heard floating around--the "lost" generation. It refers to that group of individuals, around 25, generally college educated, still unemployed. While they've been applying for jobs for what feels like ages, they're not finding them. We've seen it in Barcelona and Oakland--young people struggling in a job market that isn't exactly kind.
Many of these students were still high schoolers in the midst of the financial crisis, so its just now (on the other side of school) hitting home for them. As a whole, the United States is seeing an unemployment rate that is down. Sadly, this does not apply to those in this lost generation.
While marriage, family, and home ownership were once realities for young people, it is becoming less and less so. Student loans don't repay themselves, and the minimum wage jobs available certainly aren't cutting it. At 15.6% unemployment (more than two and a half times the national average) unemployment among young people is having a lasting impact.
Many of those with jobs aren't working full time, and 12% are only earning minimum wage. The median weekly wage is also falling, though its stayed flat for those over 25. Some have sought refuge in continued education, but are being weighed down with student loan debt that becomes overwhelming. Many drop out of school altogether.
And the basic problem, aside from a struggling generation, is in the inability of the younger generation to buy houses, have children, and invest. They're struggling to pay rent and make student loan payments, and it's impacting the economy--and will continue to do so.
These problems are happening across the globe. In Europe, the labor markets continue to suffer at the expense of young people, who are leaving the area in search of a better job. Outside of the United States, these high unemployment rates amongst young people are causing mass rioting for people who can't see a source of hope.
Birth rates are at an all time low for women below the age of 25 and the trend of living with one's parents is ever growing. In fact, 56% of 18-24 year olds lived with their parents in 2012, up from 51% in 2007. This number is alarming because, until now, it has remained relatively unchanged.
Also of concern is the number of young people who view their current employment as a job rather than a career. People are seeking employment outside their field, which means they're unhappy--and looking for another position that will last a lifetime or at least a couple of years.
When young people aren't earning, they're not paying taxes or buying homes, which greatly impacts the economy at large. Young folks are getting frustrated--and rightfully so.
In many industries, experience is required. When no one is being hired, this can be extremely frustrating. So what can we do? Well, there is no simple answer. Work hard, trust employees, and work to develop a better economy. Cross our fingers that jobs will come--especially for those under 25.
Article Source: http://EzineArticles.com/?expert=Heather_Nicole_Hamilton
Article Source: http://EzineArticles.com/8688507
Many of these students were still high schoolers in the midst of the financial crisis, so its just now (on the other side of school) hitting home for them. As a whole, the United States is seeing an unemployment rate that is down. Sadly, this does not apply to those in this lost generation.
While marriage, family, and home ownership were once realities for young people, it is becoming less and less so. Student loans don't repay themselves, and the minimum wage jobs available certainly aren't cutting it. At 15.6% unemployment (more than two and a half times the national average) unemployment among young people is having a lasting impact.
Many of those with jobs aren't working full time, and 12% are only earning minimum wage. The median weekly wage is also falling, though its stayed flat for those over 25. Some have sought refuge in continued education, but are being weighed down with student loan debt that becomes overwhelming. Many drop out of school altogether.
And the basic problem, aside from a struggling generation, is in the inability of the younger generation to buy houses, have children, and invest. They're struggling to pay rent and make student loan payments, and it's impacting the economy--and will continue to do so.
These problems are happening across the globe. In Europe, the labor markets continue to suffer at the expense of young people, who are leaving the area in search of a better job. Outside of the United States, these high unemployment rates amongst young people are causing mass rioting for people who can't see a source of hope.
Birth rates are at an all time low for women below the age of 25 and the trend of living with one's parents is ever growing. In fact, 56% of 18-24 year olds lived with their parents in 2012, up from 51% in 2007. This number is alarming because, until now, it has remained relatively unchanged.
Also of concern is the number of young people who view their current employment as a job rather than a career. People are seeking employment outside their field, which means they're unhappy--and looking for another position that will last a lifetime or at least a couple of years.
When young people aren't earning, they're not paying taxes or buying homes, which greatly impacts the economy at large. Young folks are getting frustrated--and rightfully so.
In many industries, experience is required. When no one is being hired, this can be extremely frustrating. So what can we do? Well, there is no simple answer. Work hard, trust employees, and work to develop a better economy. Cross our fingers that jobs will come--especially for those under 25.
Article Source: http://EzineArticles.com/?expert=Heather_Nicole_Hamilton
Article Source: http://EzineArticles.com/8688507
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