In the US (and I suspect the rest of the world), millennials are the most educated generation in history. They obviously have tech skills and thus have access to more information than any generation in history. So why are they struggling with finances, job prospects, and other key statistics?
The Newsweek article Millennial College Graduates: Young, Education, Jobless sums up a lot of the causes:
- Student debt, where the average student is graduating with about $28k of loans and many are even hitting the hundreds of thousands
- Lower salaries than their peers
- Economic uncertainty during the last decade with layoffs and lower wage jobs comprising a larger percentage of the employment sector
Then you have this report from Visual Capitalist
How amazing is this!!!? More than half of millennials have less than $1000 in their account. I knew that this was a struggling generation financially but this is truly mind-blowing.
I want to add a few things to our prior list of why millennials are struggling:
1 – Financial illiteracy. This is widespread in our society and really needs some attention from schools around the world
2 – People choosing degrees over experience. When the default societal option is to load up on debt and then sit in a classroom for 4 years, there is a problem. The world has changed and this is not the best approach anymore.
3 – Poor skills in building qualifications, designing a resume, and understanding how to apply for jobs. That Newsweek article has a quote that stuck out to me,
“The process, many millennials say, is very discouraging. “You’re like, ‘I’ll do anything and apply for everything, but usually it’s an electronic filing and you’re spending all your time on it and never hear back,” says the Washington, D.C., graduate. She estimates that, on average, friends who graduated along with her applied for 60 jobs before landing one.”
This is inexcusable. Despite our economy having a lot less well-paying jobs, conditions aren’t so tough that this should be true. It shouldn’t take 60 applications to get a job. However, this person is applying the wrong way and is likely unqualified for what she’s applying toward (or at least that’s how she’s portraying herself).
4 – Blaming others. Yes, our politicians have betrayed us and continue to fail in recognizing our economic problems. Yes, our universities are not preparing us well for the future. Yes, the economy is tough. However, if you can’t find a good job, the fault lies squarely with you. You aren’t qualified. You aren’t acting to better yourself. You aren’t seeking help from good sources. Until these people look themselves in the mirror and strive for improvement, it will not happen magically.
So What is the Solution?
This is what Reverse Tide was founded upon… helping people in their education and careers. We have so many resources on this site to do exactly that. Some of our services cost a little money but the idea is that they pay for themselves many times over by helping you get that great job. So please, forward this to any millennials you know. We can help the 50%+ that are struggling in the statistics above…
Among the ways we can help:
- 1 v 1 Help… We can help with building qualifications, creating stand-out resumes and portfolios, and strategies for getting top jobs. The statistics and quotes above show that millennials really need this personalized help. So consider Reverse Tide Personalized Career Services
- For students or other young people, freelancing is the best way to build your experience. We talk all about it in our article Our Plan To Get You A Job After Graduating University. This is the plan that can really help build outstanding qualifications and get that job. So much more valuable than a university degree that only yields half of their graduates a good job for an outrageous price!