How Generation Y Plays into the Recovery
Generation Y goes my many names, Millennial Generation, Generation Next, Net Generation etc. The Gen Ygroup follows in the footsteps of Gen X. It is generally agreed that births that occurred between roughly the mid 1970's to the 2000's includes what we are now calling Generation Y. Gen Y are noted for their familiarity of the fast based world of technology, everything from communications, media, any and all digital technologies.
The largest percentage of Gen Y'ers makes up the age groups from 16-24. The age where most other generations were first leaving home and getting first apartments and entering the adult world. The challenge for the Gen Ygroup formidable, and it will affect the national economic recovery. How you ask, lets take a look...
The high unemployment rates across the country are impacting that 16 - 24 year old demographic the worst, it is not unusual for younger workers to be affected harder in a high unemployment period than older workers. For example the national unemployment rate is currently hovering around 10%, however if you break those numbers down into age group demographics, the unemployment rate among 16 - 24 year olds is a staggering 19 %. Couple those numbers with a high inventory of both starter homes for sale, and apartments for rent and there is trouble ahead. Until these excess units are filled we are going to see continued slow, very slow growth.
We cannot forget the role that our youngest work force plays in the recovery. While we all know that jobs of all kinds are priority one, we cannot find ourselves focusing solely on careers, we need to be sure that our 16 - 24 year old deographic (no matter what generation we call them) has a strong place in the workforce. It may be a career, but it is a job on the way to a career.
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