Generation Y and the hard times

A recent study by the St Georges Bank found that many Generation Y adults (aged 18 - 30) still expect their parents to financially help them when it comes to rent and board, buying a house and their wedding, and that nearly a quarter never had to budget or save.

As the jobless rate creeps up, the question arises: Are the 18-30 year old age group, often criticised for their cockiness, feeling the heat?

 “The economic crisis is not directly affecting me at the moment as I already have a part time job and am still being supported by my parents,” Ashlee Williams, a final year Deakin University student who just turned 21 said.

“I haven’t necessarily thought about working harder to get better marks for job opportunities.

“However, I do worry about the likelihood of being able to get a job at the end of the course after all this hard work.”

This message is also true for final year law student, Pamela Mitropoulos, who adds that the economic crisis has not impacted her study motivations.

She reveals that she was preparing to maximise her job opportunities even before the downturn by completing legal volunteer work and part-time work as a legal clerk.

“As law is a very competitive field, I have always been aware that to be considered for employment, my marks would have to be of a high standard,” she said.
However Mitropoulos too is concerned about future employment opportunities.

 “Due to the global financial crisis, this year has been particularly difficult for law graduates seeking employment in the legal field as many firms have reduced their graduate intake by more than 50 percent.

“I am very fortunate to have been offered a legal traineeship but I still have worries that the financial crisis will worsen to the point where I will not be able to retain that employment.”

Nicholas Dinopoulos, a final year music student at Melbourne University recently moved back home as the negative financial climate took its toll.

But the 21 year old hits back at criticisms that Gen Y are unable to stand on their own feet.

 “I’m actually living rent free for the first time since I finished school,” he said.

“Since I finished high school, apart from an occasional medical bill perhaps, my parents have not contributed for my personal expenses.

“I’ve held several jobs and thanks to a harsh learning curve, live quite well within my means.”

He hits back at Gen Xers Baby Boomers and the privileges they enjoyed when recounting that his parents went to university for free and that they talk of a number of their friends who ‘sponged off the system!’

 Christopher, a second year Deakin University student, identifies with the St George’s Bank finding that, “everything is getting more expensive and it is harder for parents to give money to kids.”

Like the others he is not scared of upping the ante on how much he studies to maximise his job prospects. Passing is more important than repeating. 

“But I have been spending less and saving more in case of emergency,” he adds.

 “The current economic situation is the harsh reality that no-one is going to be able to escape,” reflects Dinopoulos. “It’s likely making everyone, regardless of age, think very seriously about the personal circumstances they find themselves in and so it should.” It seems every generation has had a recession to deal with.