The economy affects a lot of young people. There’s no generation that’s seen more harsh economic times than generation Y, also known as millennials. Many have experienced serious adjustments due to changes in the industry. 7 Ways the Economy Affects Young People both positive and negative.
1. High youth unemployment
We have seen an increase of high youth unemployment. Many students may fail to complete high school due to economic challenges. Further, graduates may fail to enter the work force due to the shrinking economy.
2. Pursuit of careers that graduates are unqualified for
Many post graduates have gone for jobs that they are unqualified for. A post graduate in engineering can end up with a low income cashier job at a supermarket.
Lack of formal employment has led to informal employment particularly entrepreneurship.
4. Mental health problems
There is more pressure for this generation to succeed more than any other. The pressure is worsened by social media which often leads to mental health problems such as depression.
5. Creation of communities focused
There might not been clear youth oriented policies but small communities have emerged. A number of hubs have been created to support young people and develop their skills.
6. Substance abuse
Unemployment or lack of disposable income leads to poor recreational activities.
7. Late development in milestones
Baby boomers experienced owning houses, cars and started families as early as their 20s. Many millenials move out of their parents house as late as their 30s. Many more choose to marry late and few own their own houses.