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Gen Y: It´s Not Easy Being Green

Published: 3/27/2008

Gen Y: It´s Not Easy Being Green

Oh, to be young again! No debts, no burdens, no responsibilities -- just clear skies ahead!

Unfortunately, those entering the workforce for the first time – the Gen Y or Millennial Generation of more than 70 million individuals born between 1980-2000 – are not feeling the same euphoria, open arms and plentiful opportunities that those in previous generations experienced.

In “Generational Differences: Myths and Realities,” a study conducted by the Society for Human Resource Management (SHRM), researchers found several reasons why Gen Yers are pessimistic.

So Why is Gen Y So Pessimistic?

Generation Size: Our big leap in population started after WW2. Many developing nations started theirs in the late 1970s-1990s. Much of today’s immigration is due to the baby boom in countries that don’t have enough jobs for these new young workers to fill.

Global Competition for Jobs: While previous generations lost manufacturing jobs to global competition, today’s young college educated workers face global competition for white-collar, knowledge-based jobs.

Political Influence: Younger workers in industrialized countries face greater economic and taxation responsibilities for benefits that they are less likely to partake in when they get older like SSI and Medicare.

Education Gap: Although the U.S. still has the highest percentage of workers age 40+ with college degrees, when it comes to young people with post-secondary educations, emerging economies are poised to surpass us.

Education Costs: Nellie Mac found that 55% of all student loan borrowers felt hampered by debt in some way. This concern is leading young people to change career plans and delay buying a home, getting married and having children.

Less Earning Power: In 1974 the typical male with a high school education was earning an inflation adjusted $42,697. In 2004, the oldest member of Gen Y was earning $30,400. Even those with college degrees and higher were earning less than their 1974 counterparts.

Inflation: The Federal Reserve says that wealth has doubled since 1989 in households headed by older Americans. Younger workers haven’t kept up with inflation during the same time period. Higher living costs like housing, health care and day care may be reasons why discretionary income has gone down.

Interested in Giving Gen Y a Fair Shot?

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