This time is not only different, but it will be unlike anything anyone has seen never mind remember.
Many have argued that the recovery is now on firm ground. Others are tripping over themselves to point at so-called leading indicators. However what I truly find fascinating is that when I speak to someone about their own circumstances on spending, vacations, investment, or work just to name a few, they seem nervous to down right scared. That is…. if they are over the age of 40. If they’re under the age of let’s say 35…maybe even 30…they have no understanding or frame of reference with economic hard times.
I watched on television the other day where a young woman who had recently graduated from college and was job searching decided after 6 months she was “quitting the job search routine” because in her words … she was worth far more than anyone was offering, and spent much to long acquiring her degree to just get a job. (I’m paraphrasing but you get the point.) She is currently living in her parent’s basement apartment, and she plans taking the summer off to see what happens in the fall. I was speechless! And that’s saying something for me.
We have come to a juncture where not one, but possibly two generations of young adults have no understanding of economic uncertainty. They only have a reference in which parents always have extra money to loan or give them. Parents always have a home they can move back into. Jobs are plentiful, and they don’t have to apply themselves, just show up and you’ll be paid great wages, and get great perks. That is not today’s environment, and it will catch many of these younger adults off guard to say the least.
I believe more than ever, it’s time to sit the kids down and explain what is really going on. If the young adults have no frame of reference, or no true understanding of economic uncertainties, than it’s all of our responsibility to try and explain without sounding like the proverbial adult who shouts “ When I was younger, I walked to work 10 miles barefoot in a blizzard, and uphill both ways, and enjoyed it.”