Once again, luck seems to be against the Millennials, those aged between 24 and 39, who have now become a significant workforce and an essential generation driving the economy and society forward. Throughout their lives, Millennials have faced numerous challenges, including the 9/11 attacks (in 2001), the 2008 financial crisis, and now the major pandemic of COVID-19, which has impacted their physical health, mental health, economy, and the new lifestyle that remains uncertain. This has made it exceedingly difficult for Millennials to establish themselves at a time when they should be doing so, more than any previous generation has ever faced.

The Unluckiest Generation?
This misfortune includes the painful reality that, despite most Millennials being more educated than their parents, they have become the first generation unable to achieve the same financial stability as previous generations. A financial study of Americans by the St. Louis Federal Reserve published in 2019 revealed that, when comparing individuals of the same age, Generation X had twice the assets of Millennials. Currently, Generation X's assets are four times greater than those of Millennials. This finding aligns with a report from the Stanford Center in the same year, stating that only 44% of Millennials born in the 1980s have a better social and financial status than their parents when comparing both generations at the age of 30. This marks the first time in history that Millennials have been unable to surpass the living standards set by previous generations.

The inability to establish themselves and the shattered dreams of parents who hoped their children would do better than they did have crumbled (mostly affecting Americans) after the world faced the financial crisis of 2008, a time when many Millennials had just graduated from college. Their first life outside of university did not start well, as they had to bear the burden of significant student debt, moving them further away from their dreams and struggling to survive in an economy that had yet to recover. "I feel like people in my generation haven’t had a break. After graduating in 2008, the economy went into recession, and now that I’m just starting to build a family, the economy has collapsed again," Rachel Friend shared in an interview with CNN about navigating life and family through another test during the economic downturn caused by COVID-19.

Fragile! Please Handle With Care
Certainly, this coronavirus crisis has affected people of all generations, but it seems that the generation hit hardest is the Millennials, who have little financial cushion. Their plans for a stable life in their remaining youth have crumbled before their eyes as they adapt to an unstable economy that constantly threatens their job and financial status, with no clear end in sight. Consequently, stress and anxiety have surged. A report from NRC Health confirms that Millennials and Generation Z are the two generations that feel the pandemic has most significantly impacted their mental health.

This is not surprising, as since 2013, reports from Harvard Medical School have shown that Millennials experience the highest levels of depression compared to other generations. A survey of 1,254 Americans of various ages conducted by YouGov last year also found that Millennials are the most isolated group among all generations, leading some scholars to label them as “The Loneliest Generation.” They analyze that Millennials' feelings of loneliness stem from various factors, including being raised by strict parents who meticulously scheduled their education and skill development, leaving little time for deep friendships during childhood. It could also be due to the creation of an idealized life on social media, where everyone presents their best selves, causing friends to fail to understand their true selves. Or it might simply be a natural part of the self-discovery phase that often involves feelings of isolation. Regardless of the cause, the deep-rooted loneliness among Millennials does not bode well for their isolation during the pandemic.

Moreover, it’s not just their own mental health that Millennials must contend with. Worrying about their parents, elderly family members, and young children being at risk of contracting the virus and potentially experiencing severe symptoms only adds to their stress. Annie Lowrey, an economic policy columnist for The Atlantic, analyzes that Millennials may be the unluckiest generation in history, akin to the Lost Generation, as the global situation has not allowed them to grow as they had hoped. Facing a second economic recession in their lives amidst an ongoing pandemic without an end in sight only exacerbates the plight of Millennials, who have little financial capital and fragile mental states that could shatter at any moment.

It’s Hurt, So It’s Time to Change
It seems there is still no good news for Millennials, but there is a glimmer of hope. The Workforce Confidence Index survey by LinkedIn indicates that although Millennials remain concerned about work and finances, they are the generation with the most optimistic outlook during the current pandemic. George Anders, a businessman and bestselling author who published this survey, analyzes that this optimism stems from Millennials' ability to adapt to working from home effectively, thanks to their skills and comfort with digital systems, allowing them to navigate this crisis. "Not everything is against Millennials, but they seem to have a sense of wanting to improve things, ready to rebuild, adapt, and unafraid to seek better paths forward," Anders stated.

Similarly, Dr. Paul Hokemeyer, a writer and couples and family therapist, analyzes that Millennials, who appear to have faced continuous hardships throughout their relatively short lives, understand the fragility of both life and the financial market, which is inherently uncertain. This understanding drives them to seek change regarding mental health issues, environmental responsibility, and empathy for fellow humans. They despise the divisions present in the world today and believe in addressing the pandemic with resilience and adaptability.

It is possible that the largest and seemingly unluckiest workforce, the Millennials, may be driving this world towards improvement, aiming to minimize their suffering and pave the way for a brighter future for the generations to come.

Image Source: Gift Habeshaw/Unsplash

Source:
Article "Millennials Don’t Stand a Chance" (April 2020) by Annie Lowrey from theatlantic.com
Article "Millennials are facing another once-in-a-generation economic disaster" (May 2020) by Tami Luhby from edition.cnn.com
Article "Unluckiest generation happens to be pandemic's most optimistic, LinkedIn finds" (May 2020) by David Earl from ketv.com
Article "Millennials Are the Loneliest Generation, a Survey Shows" (September 2019) by Minda Zetlin from inc.com
Article "The 'loneliest generation' gets lonelier" (May 2020) by Hillary Hoffower from businessinsider.com

Written by: Wannaporn Boonpen

SOURCE: tcdc