It is no secret that several governments have instituted major youth employment schemes out of fear of social unrest due to the dramatically increased rates of youth unemployment. Economic prospects for the Millennial otherwise known as generation Y have worsened due to the current recession.
It has been argued that this unemployment rate and poor economic situation has given Generation Y, also known as the Millennial Generation (or Millennials) a rallying call with the Occupy Wall Street movement. However, Occupy is not a youth movement and has participants that vary. Millennials seek more feedback, responsibility, and involvement in decision making. Depending on social and economic conditions, with an increase tilt towards a liberal approach to politics and economics.
Paul T. Conway, president of Generation Opportunity and former Chief of Staff of the U.S. Department of Labor.
Promises of expanded opportunity have instead ushered in record levels of opportunity denied – historic levels of government involvement in the private sector are denying millions of young Americans the opportunity to access the private sector through jobs, denying them skills and paychecks, denying them the promise of the future, and denying the country the benefit of their creativity and talent.”
The website GenerationYGirl.com founded in 2011 provide a voice for women coming of age in the recession, with one of the more popular forms of media use in Generation Y is through social networking.
Nearly half of young Americans ages 18-29 are unsatisfied with their current level of employment, just 31% approve of President Obama’s handling of youth unemployment, and an overwhelming 69% say the current leadership in Washington fails to reflect the interests of the younger generation. After being unfairly and negatively impacted by consecutive months of a national unemployment rate that is above the national average, young adults are very dissatisfied with leadership in Washington, the direction of the country, and policies that have put them at a disadvantage due to the resulting lack of economic opportunities.
Generation Opportunity’s national poll on Millennials reflects the following:
Millennials: On Job Creation and Federal Spending. They are experiencing first-hand the results of failed leadership and policy – to them, the impact on their lives and futures is real.
- 53% of overall Millennials agree if taxes on business profits were reduced, companies would be more likely to hire.
- 59% of overall Millennials agree the economy grows best when individuals are allowed to create businesses without government interference.
- 69% of 18-29 year-olds prefer reducing federal spending over raising personal taxes to balance the budget, and only 25% believe in raising personal taxes versus reducing federal spending to balance the budget.
Millennials: Dreams Delayed by the Poor Economy. It is not fair that overwhelmingly Millennials now say they have or must delay their dreams and plans for the future due to the dire state of the economy.
- 77% of respondents (18-29) are delaying major life changes due to economic restraints.
- 44% delay buying a home;
- 28% delay saving for retirement;
- 27% delay paying off student loans or other debt;
- 27% delay going back to school/getting more education or training;
- 26% delay changing jobs/cities;
- 23% delay starting a family;
- 18% delay getting married.
Source: Polling conducted by polling company Inc./Woman Trend and non-partisan organizations such as the Harvard Institute of Politics (IOP) for Generation Opportunity’s national poll.