Last year I wrote a NewGeography piece titled 'Milllennials' First Recession' about the impact of the economic crisis on the youngest demographic in the workforce. Being part of this group myself, the article was based more on empirical observation of my fellow peers rather than hard data. I noticed that while many of my friends across all sectors had lost their jobs, most people remained optimistic knowing that they still had long careers ahead. Some people moved back home to save money while others applied to graduate school and are now sitting comfortably in the halls of academia waiting for the economy to recover.
Perhaps most encouraging, some of my peers have been able to find full-time employment after being laid-off near the beginning of the recession. Though we are by no means in the midst of a full-on recovery yet, the fact that companies are beginning to open up again to young people is a good sign. Furthermore, the pervasive optimism (not blind, mind you) of Millennials means that the future might not look so dark after all.
Newsweek took the time recently to ponder the influence of the recession on Millennials' future spending habits in an article called 'The Recession Generation'. The writer of the piece, Rana Foroohar, compares this generation to that of those who came of age during the Great Depression. This comparison is meant to imply that as a result of the recession, Millennials are more likely to be savers rather than big-spenders like their Boomer or GenX counterparts.
While the comparison of today's Millennial generation to that of the Depression generation in terms of fiscal responsibility makes sense, that is where the similarity ends. It is important to note that global economic dynamics have changed drastically in the 70-80 years that separates these two periods. First off, it is unlikely that an event like World War II will occur to unite Millennials around a common goal and instill a sense of unified purpose. Secondly, the concept of life-long corporate loyalty, so important to the livelihood of my grandfather's generation, is dead and buried. Social institutions are unreliable and benefits like health insurance and retirement plans are no longer standard incentives offered by companies seeking to minimize overhead costs.
Although Millennials are faced with much more economic uncertainty, this may not be such a bad thing. Instead of building an identity around the corporate brand they work for, Millennials will (and already have been with tools like Facebook and Blogger) need to develop their own personal 'brand' as they gain experience in the working world.
The optimist in me views this recession period as part of the 'creative destruction' process, enabling young people to explore new opportunities that could potentially lead to innovation. Regardless of what happens in the future, the damage has already been done, yet the outlook for the days ahead need not be so dim.
Perhaps most encouraging, some of my peers have been able to find full-time employment after being laid-off near the beginning of the recession. Though we are by no means in the midst of a full-on recovery yet, the fact that companies are beginning to open up again to young people is a good sign. Furthermore, the pervasive optimism (not blind, mind you) of Millennials means that the future might not look so dark after all.
Newsweek took the time recently to ponder the influence of the recession on Millennials' future spending habits in an article called 'The Recession Generation'. The writer of the piece, Rana Foroohar, compares this generation to that of those who came of age during the Great Depression. This comparison is meant to imply that as a result of the recession, Millennials are more likely to be savers rather than big-spenders like their Boomer or GenX counterparts.
While the comparison of today's Millennial generation to that of the Depression generation in terms of fiscal responsibility makes sense, that is where the similarity ends. It is important to note that global economic dynamics have changed drastically in the 70-80 years that separates these two periods. First off, it is unlikely that an event like World War II will occur to unite Millennials around a common goal and instill a sense of unified purpose. Secondly, the concept of life-long corporate loyalty, so important to the livelihood of my grandfather's generation, is dead and buried. Social institutions are unreliable and benefits like health insurance and retirement plans are no longer standard incentives offered by companies seeking to minimize overhead costs.
Although Millennials are faced with much more economic uncertainty, this may not be such a bad thing. Instead of building an identity around the corporate brand they work for, Millennials will (and already have been with tools like Facebook and Blogger) need to develop their own personal 'brand' as they gain experience in the working world.
The optimist in me views this recession period as part of the 'creative destruction' process, enabling young people to explore new opportunities that could potentially lead to innovation. Regardless of what happens in the future, the damage has already been done, yet the outlook for the days ahead need not be so dim.
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