Across the board, it seems Millennials, also known as Generation Y, are having a tough time of things in the job market, especially relative to Baby Boomers. Many Gen Y college grads are so saddled with student loan debt that they’re forced into whatever jobs they can find, be it part-time work or jobs that don’t even require a college degree. As a result, job dissatisfaction is common, though many may count themselves lucky to have a job at all. Unemployment among Millennials is nearly twice that of the national average.
A recent survey by PayScale and Millennial Branding compared the job satisfaction of Gen Y (those born from the early 1980’s through the early 2000’s) to that of Baby Boomers (those born between 1946 and 1964).
As reported by MarketWatch, the survey found that:
- Only 66 percent of Millennials have high job satisfaction, compared to 78 percent of Baby Boomers
- 28 percent of Millennials had to move back home after starting their careers, compared to just 5 percent of Baby Boomers
The tight job market doesn’t help matters:
- 12.9 percent of those 20 to 24 years old are unemployed, compared to the 7.2 percent national average
- Workers today don’t reach the national median wage until they’re 30 years old, compared to 26 in 1980
Fortunately, Gen Y doesn’t seem to have any illusions about their current or future financial situation. As I blogged in May, Millennials are notably frugal, choosing cash and thrift over credit card debt:
Having experienced both an economic boom and subsequent bust, studies show that Millennials — also known as Generation Y — are understandably leery of taking on debt when it’s become crystal clear to them that the financial future is such an unknown…. To stretch cash its furthest, they clip coupons, shop thrift stores, and make what they can from scratch.
Are you a Millennial? If so, would you say you have high job satisfaction? Why or why not?