Millennials' Job Struggles A Sign Of Delayed Adulthood In New Economic Reality When Carley Smith graduated from a public relations program in 2006, she decided to take a decent paying job far outside her preferred field rather than slog it out as an intern.
Six years later, approaching 30 and with regret mounting, she quit the full time gig to take a chance on a contract position. That reignited her passion. After Smith's public relations contract with the Canadian Football League ended in December, she struggled for four months, applying for every PR job posting she found online and cold calling agencies. With most of her experience in fundraising, however, employers passed her by. "That was the most frustrating, that I was trying to prove I have those skills and knowledge and I shouldn't be starting at the bottom," she said. "If I would have interned at that time [after graduation] at a PR agency or really been aggressive in going into the career that I wanted, I don't think I would have been trying to start at the bottom at my age." After nearly exhausting her networks, she spotted a media relations opening at Canada Post and lobbied contacts there that she made during her year at the CFL. She started that job last month. Though she gave up stability, savings and some of her ego, the 30 year old is finally on her chosen track. It's not a journey her parents' generation would have chosen baby boomers are known to opt for job stability and employer loyalty. "They find a career early on and their generation sticks with it. they're not bumping around. Whereas in a career like mine, and in my generation, it's quite unheard of." Her dad, who worked in the same industry for 30 years, handed down his advice: If you're offered a job, take it. "Whereas I really want a noble position, something where I can showcase my skills and do something I really love, his side of things is: If someone wants to offer you a paycheque, you take the paycheque." Story continues below slideshow But job hopping among Generation Y, loosely defined as the demographic born in or after 1980, is not entirely their choice either. The search for job satisfaction is not the only reason Smith's generation is bouncing around in their careers, just as loyalty isn't the only factor driving their parent's generation to stay in their jobs for decades and many past the traditional age of retirement. The trend has led to some tensions between generations in the workplace, as young people grow frustrated with their lack of advancement despite their ambition and tech savvy, while older employees feel that the younger generation is labouring under feelings of entitlement that feed unrealistic expectations of the workforce. The trends are actually aspects of the same phenomenon a 21st century life shift delaying both adulthood and retirement. As life spans and education levels increase, Canadians are entering and leaving the workforce later, which leads to an overall delay in key life milestones. Such socioeconomic trends were exacerbated by the fallout from the 2008 louis vuitton shoes leopard 2009 recession, which wiped out investment values and the job market, pushing baby boomers to rebuild retirement savings and stay in the workforce longer, leaving Gen Y struggling to enter it. Adulthood is being delayed into the mid 20s, while retirement age is being delayed into the early 70s, partly thanks to improved life expectancies, which have already risen by 12 years over a 60 year old's life span. "What that's doing is spreading out our life over longer periods so that means adolescents now, you don't leave home until your mid 20s instead of leaving in your late teens but it's also at the other end spreading out retirement for boomers." The 2011 census showed that 42 per cent of young adults aged 20 to 29 were living at their parents' house, a 10 percentage point increase from 1991. The average age of marriage in Canada is the highest it has ever been 29.1 for women and 31.1 years for men. The average age of a first time mother is about 30 compared with 27 when the first millennials were born. And at the other end of Foot's "age spectrum," Canadians' average life expectancy has reached 81, according to Statistics Canada, which also found that a 50 year old worker in 2008 could expect to stay in the workforce another 16 years, 3.5 years longer than was the case in the mid 1990s. The average age of expected retirement now sits at 68, according to Sun Life's annual unretirement index. That is up from 64 in 2008 before the full impact of the recession on retirement savings was known. The number of Canadians who anticipated that they will stop working by 66 dropped to just 27 per cent in this year's survey, compared with 51 louis vuitton wallets on amazon per cent in 2008. Longer lifespans louis vuitton purses real vs fake mean boomers will have to set aside more money to provide for living what could be another 20 years as a retiree, so many are motivated to continue to work both out of necessity and out of fear of outliving their savings. Others choose to keep working because they simply don't feel old vintage louis vuitton briefcase ebay enough at 65 to retire. The unintentional effect of boomers staying in the workforce could be a delay in their children's ability to launch their careers. That in turn compounds problems their children face from graduating into a recession and its aftermath. It still feels like a recession for many Canadian youth, whose unemployment rate is twice the national average at 14.5 per cent. That could contribute to the generation's so called "failure to launch." Delayed entry into the workforce could also leave millennials with far less accumulated wealth than their parents have.
That could have widespread economic repercussions. Smaller paycheques mean reduced domestic spending, and putting off big ticket purchases like homes and cars. In addition, it means fewer workers paying into pension plans on which retirees rely for income.
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