 Gen Y feeling positive despite economic downturn
Slowing economy, falling prices and rising unemployment.... it seems this economic downturn is not bothering young Australians as much as you would think. Generation Y are feeling optimistic about their future, according to a recent report. In her article, Rebecca Huntley suggests that those in their 20's believe this recession is just part of the "natural economic cycle" and that they will come out the other side just fine.
Despite many older Australian's believing that they are spoilt and quoted as saying they could probably do with a good recession, it seems Gen Y are not going to change their habits just because of a financial downturn.
A summary of the views of the young Australians interviewed for this article would run as follows: "I was a kid during the recession we had to have. We've had a long stretch of economic prosperity that was destined to end. It's all part of the natural economic cycle. I am confident in my job security and that I will be employable, even in tough economic times. The whole global financial crisis is surreal and it won't feel real until it affects me personally."
Recession-fuelled wake-up call for Gen Y?
Probably not. With few investments and no where near retirement, they were all confident about their chances of getting and keeping jobs. Without debts or mortgages, younger Australians feel the economic crisis hasn't hit them.
Gen Y is the generation that is too young to remember previous financial woes and just a kid during the 1990's recession. However, they are also young enough to get to the end of the crisis relatively unphased, and make good before they settled down in their 30's and create debt through home loans and chase careers. Employment the key
Corporate affairs executive Lauren O'Neil, 25, feels her job is secure but before Christmas some of her colleagues were made redundant as employers worry about what 2009 holds.
With house prices and interest rates coming down, housing is becoming more affordable, and as long as you keep your job, owning your own property and building a secure financial future may just become easier, not harder for Gen Y.
As employers across the world look to cut costs, and un-employment rises, the younger generation has youth, time and flexibility on it's side. According to Melbourne Institute of Applied Economic and Social Research deputy director Mark Wooden younger employees are seen as more flexible and easier to train.
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