The Real Reasons Millennials Are Struggling (Infographic)
Millennials get a bad rap. From labels including “lazy,” “ungrateful” and “entitled,” these 20- and 30-somethings can’t catch a break.
“Millennial bashing” has basically become a national pastime. Maybe that’s because millennials are more active, vocal and visible online, as the first generation to fully utilize social media in their everyday lives. Or instead, maybe it’s because people underestimate the real challenges millennials face. Just take a look at student debt today.
In the past 15 years, student debt has tripled in American households, from a collective $340 billion in 2001 to $1.3 trillion in 2016. While some might argue that millennials waste too much money on overeducation, the truth is, a large portion of today’s jobs require higher degrees of education. In 2017, the unemployment rate for people with bachelor’s degree was 2.5 percent, while the unemployment rate for people with only a high school diploma was 4.6 percent.
Unlike baby boomers, it’s not all about the money for millennials. Jobs are about passion, innovation and making a change. That’s the reason why many gen Yers find themselves hopping around different jobs. In fact, 43 percent of millennials expect to leave their current jobs in the next two years because they don’t feel their company cares about innovation and societal change. But millennials aren’t the only ones doing the job hopping. Gen Xers bounce around almost as much: In 2000, when gen Xers were in the same age range as millennials are today, 60 percent had been at their job for 13 months or more. In 2016, 63 percent of millennials had been at their job for more than 13 months. So, the numbers themselves aren’t so different.
It’s time to cut millennials some slack. To learn more, check out BachelorsDegreeCenter.org’s infographic below.