Monday, June 4, 2018

Economic Struggles for Young Generation in Recession

Based on a report based on findings of a survey by the Pew Research Center, some of the key findings include:

-       Young adults are hit hard by the recession. A plurality of the public (41%) believes young adults, rather than middle-aged or older adults, are having the toughest time in today’s economy. 
-       Public says today’s young adults have it harder than their parents did. Large majorities of the public say it’s harder for young adults to reach many of the basic financial goals their parents may have taken for granted. 
-       Tough economic times altering young adults’ daily lives, long-term plans. While negative trends in the labor market have been felt most acutely by the youngest workers, many adults in their late 20s and early 30s have also felt the impact of the weak economy. 
-       Adulthood begins later than it used to. In a 1993 Newsweek poll, 80% of parents with young children said children should be financially independent from their parents by the age of 22. 
-       For young adults, bad times don’t trump optimism. Among those ages 18 to 34, nearly nine-in-ten (88%) say they either have or earn enough money now or expect they will in the future. 
-       Older adults have maintained their standard of living. If any age group has weathered the economic storm better than others, it has been adults ages 65 and older. 
-       Among the employed, job satisfaction has remained steady… For those young adults who are employed, most are relatively satisfied with their job. 

Taylor, P., Parker, K., Kochhar, R., Fry, R., Funk, C., Patten, E., & Motel, S. (2012). Young, underemployed and optimistic: Coming of age, slowly, in a tough economy. Washington, D.C.: Pew Research Center.

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