An interview published Monday in the Irish Times touched upon something most young Americans probably aren’t contemplating: graduating during a financial crisis.
The article was just an interview with a young woman, who, after graduating with a Master of Science degree in 2012, found herself in a world still darkened by the 2008 financial crisis. She was unable to start a career in her chosen field, so splintered off into a different career path.
To be honest, that’s not hard to do in Europe. Our university tuition fees are so much lower than America’s, making our debt more manageable … which begs the question: how many young Americans even realize they’re going to graduate into a business environment destroyed by our current financial crisis?
My guess is: probably not that many. Why? Because many Millennials didn’t seem to learn a thing from the last crisis and are now in worse financial shape than their parents as we head into our next big economic shakeup.
Dear Kay: I Just Saw The Banking News. Are We Screwed? | @DailyCaller
If you bought a home with a mortgage recently, probably yes. But here’s some advice anyway. https://t.co/AclSjtGbl5
— KAY SMYTHE (@KaySmythe) March 13, 2023
Not only do most Millennials say things like “Oh it wasn’t that bad” when referring to our last recession, but most don’t realize just how irresponsible their frivolous spending on overpriced homes and mortgages, cars, plastic stuff, things that look good this season, is going to hurt them in the near future.
Admittedly, Millennials didn’t have homes, assets, student loan debt, inflation, and a collapsing supply chain to contend with in 2008. But their parents did, so why didn’t they teach their kids how to plan for our next collapsing economy? The answer to this question is a mystery. (RELATED: Europe On Brink Of Financial Collapse Just In Time For Christmas)
But parents of Gen Z still have time to prepare their children for a drastically different world after their graduation. As more and more videos circulate online of young Americans melting down over the underpaid reality workplace, perhaps we need to focus our efforts on ensuring Gen Z is mentally okay with having less in life?
Contrary to popular belief, humans don’t need “new stuff” or “nice things” to live a fulfilling existence. Overspending on stuff you don’t need is why the world is in this mess. I pray that Gen Z learns from the ignorance of Millennials, and finds value in things in life that can’t be purchased on Amazon. I’m talking about things like building community, and relearning basic survival skills lost to the Baby Boomer generation, like gardening or keeping animals for produce or meat.
But more than anything, Gen Z needs to prepare for early adulthood with less while watching their favorite celebrities and social media personalities live it large. It’s not going to be fun, and it’s not easy. It’s called adulting under failed financial policies, and if you don’t figure it out, you won’t survive it.