Nathan Hager, wtop.com
WASHINGTON – Who has it worse in this economy: young people or their parents?
“When I was your age” may be the stereotypical lament of older generations, as they recount the hardships they went through in past decades.
But a recent Pew Research Center survey finds even Baby Boomers feel some sympathy for the struggles of Generation Y during this protracted recovery from the Great Recession.
“When you ask parents and grandparents today whether they think it’s worse for young people, they, subjectively, are saying Yes,” says personal finance columnist Kimberly Palmer, who writes about this survey in her Alpha Consumer blog at usnews.com.
While all generations are facing the prospect of stagnant wages or the threat of layoffs, many recent college graduates are finding it difficult to find a decent paying first-time job, or any job at all. Add in the mountain of debt many 20-somethings encounter after they pick up their degree, and it’s little wonder the older generations are biting their tongues about how bad they had it when they were younger.
The bleak outlook has led many young Americans to put off some of the hallmarks of adulthood, according to the Pew survey.
“Young people are actually delaying big life events. One in three people in Generation Y, who are, of course, in their 20s right now, have delayed marriage or parenthood,” says Palmer.
For those millennials who feel forced by the economy to remain single, Palmer says the older generation could provide some help.
“A lot of parents are welcoming their adult children back into their homes, which can really help them get on their feet while they’re struggling in the job market,” says Palmer.
If that sounds too impractical, Palmer says just offering emotional support to grown children can be a big help.
“It is extremely stressful to be a 20-something right now,” says Palmer. “Sharing your own struggles and experiences, any networking that you can assist with or job advice, career advice, that is all so helpful to young people.”
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