SPRINGFIELD, Mass. (WWLP) – One of the groups hit hardest by the economic recession and even still during the current recovery, are young adults known as the ‘millennial’ generation. And their struggles affect all of us.
Years ago, to college grads and young adults starting out — the world was their oyster. Today, those Americans in their late teens to early 30s are known as ‘millennials.’ They’re weighed down by debt and trying to get on their feet, on unsteady economic ground.
“Back in the day a lot of people just needed a college degree to get a job. Today you need extracurriculars, internships, everything you possibly can to get a job. It’s very overwhelming knowing the loans you have after college. Thinking about how you’re going to get that money and pay it off,” said Jessica Stumpf, a junior at WNEU.
The unemployment rate for young adults has been in double digits for nearly six years, and supporting them costs the US several hundred million dollars every year. That financial burden undoes many small gains of the economic recovery and this cycle could continue for years to come.
-Find a mentor you can trust. Millennials are the least connected to the workforce, but mentors have experience and insight.
-Network. Many positions in the economy aren’t even published; it’s about knowing the right people and reaching out to them.
-Understand your financial liabilities and how to handle your student loan debt.
“I refer people over to SaltMoney.org – It’s a non profit that helps you understand indebtedness and provides one on one coaching on how you can get out of debt. Their services are absolutely free,” said Thom Fox of the BrunoFox Group.
It’s important to have a realistic grasp on finances now, because some economists predict millennials who enter this weak job market could permanently see its effects on their wages.