7 Ways the Economy Affects Young People

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.

3. Entrepreneurship

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.