Thursday, November 22, 2012

Generation Y: Highly educated, Highly in debt, Underemployed

Gen Y, betterly known as those ranging from 18 to 29 years old, are aplenty these days with highly qualified college degrees and masters but sadly underemployed and many even coupled with college debts.
Members of Gen Y -- with some 92 millions people have the propensity to be more like their grandparents than their boomer moms and dads. It portrays the generation as seeking stability above all else, and looking for long careers in big, safe companies. Sadly, that's not likely to happen for them. Gen Y is a smart, educated and agile cohort. Its members are socially networked and digitally savvy, but they have been seriously set back by the troubled economy.
So what can they do to keep going?
1.) Accelerating education in a realistic manner -- Many Gen Y students went through college with liberal arts major without ever thinking of what they want to really be when they grow up. If you are those who have graduated and have regretted your decision to pursue a particular major, stay realistic. Chances are that you probably are not going to land a banking job or any in demand jobs with it. These days, not even the finance major grads can land an entry level position in a bank.
2.) Don't depend on your paternalistic company -- If you receive a better offer with other companies that are offering you, keep the decision and made the jump if necessary. Staying loyal to your paternalistic company is not going to land you a gold. Well, they do probably give you a loyalty award at the end of your 20 year tenure, but which realistically is worthless. You are important to them only if you can remain as important to them. They are not going to take care of you. Be realistic.
3.) Stay away from debt -- Debts are evil, especially if you do not know how to use and leverage them properly. Debts, coupled with the compounding interest, can kill you as much as it can bring you to financial freedom. Use it wisely.
4.) Don't give up -- Keep going. The global economy is not in the best state at the moment. And while you may think you suffer, you may well become stronger and thank them when you have successfully got through this stage.


  1. Hi B,

    Well observed and analytical points.

    But aren't we curious why more educated but less job opportunities? And the country still flooded with private Universities hungrily preying at these student's fees, while our local Universities slots in seats for overseas scholarship.

    One still recall tons of Hospitality Courses (from Diploma to Degree) published at the newspaper before the two IRs, many could have taken up bank loan for the fees.


    1. Hi Kent

      There are more and more courses which are attracting younger applicants these days and with shorter durations. With school debts come expectations and with expectations come job stress and thereafter comes the rat race.

  2. I came across this link on saving insurance, hope can provide more insights.

    saving insurance