How Millennials’ Lives Changed – Recession 2008
I came across a great read that I couldn’t help but sharing – I wonder if you find it as interesting as I do.
Courtesy of BuzzFeed News: A decade has passed since the bottom fell out of the economy in 2008. The resulting crisis — a period of staggering unemployment that peaked at 10%, a distressed housing market, and woeful economic decline — is commonly referred to as the Great Recession. It was a defining moment for many millennials who were coming of age as uncertainty mushroomed and opportunity shrunk. Today, millennials are full-fledged adults, with the oldest approaching 40 years old. And although unemployment is at a 49-year low, many millennials find themselves on the edge of poverty in low-wage jobs as the cost of living keeps rising. While many have recovered from the immediate traumas of the recession, they also live with the consequences of a lost decade.
Many survived the foreclosure of homes, parents losing jobs, and years of fruitless job hunting after graduating school. A common misfortune across posts was unexpectedly taking out big loans for school and maxing out credit cards to stay afloat, especially when savings ran out after parents became unemployed. And many respondents said they were only able to secure poorly paid work as their debt grew. On top of this, some adult millennials live with enduring fears and insecurities that dissuade them from making big life changes, such as getting married or having children. What’s clear is that this generation is far more resilient than it often gets credit for.
So what did the BuzzFeed Community have to say are their biggest struggles?
1. Millennials feel like they can’t afford to have children.
2. They feel unsecure.
3. Child care in expensive, and parents are choosing to stay home with the kids (one income household).
4. They’ve been in (or out) of the industry for too long are can’t find a suitable job.
5. Mortgage rates!!!!
6. Millennials are moving away to find work.
7. College graduate – waiting tables.
8. Hopelessness when it comes to retirement savings (I can help with this – please reach out, there is a way to retire and not worry about money!!!)
You can read the whole article here.