Young adults have a hard time embracing “adulting.”
A new survey reveals that Gen Z and millennial adults face more difficulties than their parents in achieving success in the workforce.
Of the 1,039 young adults surveyed, aged between 18 and 34, 55% said it was “harder” to buy a home, 44% said it was harder to find a job, and 55% said it was harder to get promoted, according to a Youth & Money in the USA poll by CNBC and Generation Lab.
However, 40% of them said it was easier for them to find economic opportunities that did not depend on traditional jobs.
“This is simply a reflection of what young people perceive their lives to be like compared to their parents,” said Cyrus Beschloss, founder of Generation Lab, an organization that is building the largest respondent database of young people in America.
But non-traditional opportunities are not necessarily a negative view. It may not provide stability, but it can offer “a glimmer of optimism … despite the pessimism about the country and the world,” Beschloss added.
It is largely believed that the younger generation jumps from one place to another workplace — but the study found that is not the case, with 43% feeling loyal to their employer.
Young adults between the ages of 18 and 34 experience difficulty with certain life skills. NY Post illustration Of the young adults surveyed, 44% say it’s harder to find a job and 55% say it’s harder to get promoted. Fahng – stock.adobe.com
“We have this perception of Gen Z workers who are cynical about going to work, cashing in so they can have a good quality of life and ‘quieting off’ and doing all these other things,” Beschloss said.
About 50% believe that inflation will affect their finances in the future, which may be due to the current economic climate.
However, while the majority (63%) have faith in the stock market, the 37% who think otherwise may have been influenced by their childhood, which may have “opened a big crater in their brain when it comes to their belief in the stock market. , ” said Bechloss.
“Going through the financial crisis of 2008 as a child was probably a very formative experience,” adds Blair duQuesnay, principal advisor at Ritholtz Wealth Management in New Orleans. “I’ve talked to Gen Z investors who remember their parents losing their jobs or losing their homes.”
But Beschloss said that despite the concerns, there is “hope in this data.”
Sixty-eight percent of respondents believed they had less than $20,000 in total debt, and 65% said student loan debt wouldn’t prevent them from getting married, starting a family or buying a home — which duQuesnay said was “promising to hear.”
About 50% believe that inflation will affect their finances in the future, which may be due to the current economic climate.Prostock-studio – stock.adobe.com
While it may seem as if this generation is struggling solely because of the consequences of the COVID-19 pandemic, duQuesnay says that the nature of the world of work has changed before then.
“The baby-boom generation went to work for one company and, for many [of] case, stay in one job their entire career and retire with a pension — that doesn’t exist anymore,” said duQuesnay, a member of CNBC’s Financial Advisory Council.
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Source: thtrangdai.edu.vn/en/
