Its a daunting time to be entering the workforce. Todays young adults — like their great-grandparents eight decades earlier — are graduating from high school and college and starting careers at a time when the US economy is shedding jobs at a record pace.
This newest adult generation — dubbed the Millennials — is known for its optimism and sense of personal confidence. But will those traits survive the new economic realities? Recent survey results suggest the answer is a resounding yes. Millennials are demonstrating remarkable resilience in the face of an economic crisis, even though the downturn has affected them disproportionately.
Through the first quarter of 2009, employment for 16- to 24-year-olds in the US dropped by 5 per cent, the largest decline for any age cohort surveyed by Merrill Lynch. This produced the lowest employment rates for young people in nearly 40 years. And the situation isnt likely to get better soon. A survey by the US National Association of Colleges and Employers found that employers plan to hire 22 per cent fewer graduates this spring than last, and that, so far, less than 20 per cent of 2009 graduates who applied for a job have one.
But Millennials have adopted a number of coping strategies to help them weather the economic maelstrom. An AP-mtvU poll found that nearly 1 in 5 undergraduates has decided to prolong education, hoping the storm will pass. Others have enthusiastically turned to the government and non-profit sectors to fulfil their generations desire to serve. Teach for America, which places new graduates in low-income schools, saw a 42 per cent increase in applications over 2008. And the recent enactment of the Edward M. Kennedy Serve America Act will allow many more Millennials to serve at home or abroad while providing Pell Grant-level support for their future education.
One thing Millennials are not doing is losing confidence in themselves or their government. A recent survey by the Pew Research Center for People and the Press found that 56 per cent of Millennials were fairly satisfied with the way things were going for them financially, a significantly greater degree of optimism than aging baby boomers expressed in the same survey (46 per cent). Two-thirds of Millennials told Pew survey researchers that they approved of the way President Barack Obama was handling the economy, with only 5 per cent saying his economic policies made things worse. Although 32 per cent of undergraduates at four-year colleges told Edison Media Research that financial worries have increased the stress theyre under, 75 per cent of Millennials expressed confidence that Obama was doing the right things to fix the economy.
This type of relentless optimism and faith in collective action in the face of hardship is typical of civic generations such as the Millennials. And judging by history, their attitudes will serve them well. Their great-grandparents — the GI Generation — learned to make do with less as they entered adulthood in the 1930s and then went on to defeat fascism in World War II and build the strongest economy the world has known.
As Millennials absorb the lessons of Americas greatest economic downturn since the 1930s, their determination to succeed, like that of the GI Generation, will be the source of the economic rejuvenation that in all likelihood will accompany their full entry into Americas economic life.