The recession scarred all generations, but several trends are making it particularly rough on young adults:
- Unemployment has been running higher for young adults. Some 15 percent of people in the 20 to 24 age group were out of work nationally in March, as were 9.1 percent of those ages 25 to 34. Both rates were above the overall jobless level of 8.8 percent.
- Changing employment trends make it much less likely that people new to the workforce will be able to stick with one job for most or all of their careers.
- Employers have cut back on benefits, virtually ending traditional pensions for new workers while paring health coverage in many cases as well.
- A slow-growth economy means that a two-decade stock market boom like Baby Boomers and their parents enjoyed in the 1980s and 1990s doesn't seem probable anytime soon.
- The long-term viability of Medicare and Social Security is much less certain for young adults than it is for retirees and older workers.
- The nation's yawning debt woes likely will need to be handled by people paying taxes in coming decades - and that means today's young adults.
Join us on our
Share this page with your friends
on your favorite social network: