Tuesday, August 11, 2009
Defeating the Downturn - Part II
Who’s Most Effected?
Our new economic trends are affecting us all in some way, but are hitting some social groups a bit harder. Baby-boomers and new grads, both undergraduate and graduate, are highly impacted by the state of the union. Baby boomers were set to soon be retiring and starting their lives of empty nests and vacations. As Q2 ’09 began, some 27% of older workers have postponed retirement, with a number of reasons to point to. 1) Their new-grad children are unemployed or deep in debt, and need more help from mom and dad after college than anticipated. 2) They’ve been affected by the hurting banking industry, losing money in their 401Ks and stock options. This requires them to put in more time on the job to make sure they can keep ends connected. 3) Social Security is not so secure, with many speculating on exactly how much longer it will be a viable reality in later life.
Despite their dismay, baby boomers are not the only ones feeling the wrath of the economy’s position. Those just entering the “real world” have been up for a “real” awakening. After studying long hours and putting in semester after semester of coursework, new grads are in a place they never thought would become their reality. It makes no sense; you've studied at a great school, have an expensive degree, are thousands of dollars in debt, yet, you have no job? Is this for real? You got to be kidding, right?
No. Sorry. This economy is for real. With big companies cutting back to mend their over spending of the last few years, they are forced to reduce hiring to unprecedented levels. Corporate restructuring has been the “anti-grad”, coercing some to even take on more school as a means for waiting out the tough times. At first glance, things to look a bit disheartening, but there are ways to get over this hump. We have before, and will again.
Stay tuned for solutions in Part III.