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Debt is a pressing concern affecting various generational groups across America in different ways. A high unemployment rate and inadequate wages put young employees under strain, pushing them towards increased reliance on credit cards. Consequently, the burden of debt grows exponentially and can potentially run rampant.
Taking Georgia as a case in point, it currently ranks as the 8th highest in terms of unemployment, as per Bureau of Labor Statistics data. Looking at a national scale, the unemployment rate for young workers aged 16 to 19 years is a staggering 23.7%.
CareOne Debt Relief Services® reveals a precipitous increase in the young residents of Georgia seeking relief from debt. Specifically, the number of debt-aid seeking Georgians aged 18 to 24 rose by 40% from 2010 to 2011, with a 4% increment in the 24 to 34 age bracket during the same period.
High unemployment levels coupled with low wages predominantly contribute to the burden of debt shouldered by younger workers. According to the Economic Policy Institute, wages for both high school and college graduates have dropped since 2000 by 11.1% and 5.4% respectively. The mounting dependency of these younger workers on credit cards to cover daily expenses may be attributed to the rising demand for debt relief. The question then arises – how can these young workers brace for these adversities?
ADVANTAGE FOR YOUNGER WORKERS
Despite the economic turmoil, securing a promising job is not an impossible feat for young workers. A number of factors can boost their chances, and a positive outlook is foremost among them.
Strategize wisely. Students and young workers should contemplate on their available working hours, leveraging their field of study to amass experience that will serve them well in their future job hunts.
Prioritize lucrative and high-demand careers. By choosing a career on the rise, young workers can potentially secure an occupation with decent pay. To explore further, younger workers may refer to the U.S. Department of Labor’s job forecasts until 2018.
Broaden your knowledge. Younger workers should have a double motive; earning enough to manage tuition and living costs and gain invaluable experience in their chosen study area.
Education paves the way to success. A well-rounded education significantly increases job prospects in today’s market. The U.S. Bureau of Labor Statistics, in its report of February 2011, highlighted an unemployment rate of 5% for college graduates, and 11.9% for high school graduates. Young workers are thus advised to weigh the cost-benefit analysis of education on their future employability and earning potential.
How is your state positioned in terms of debt?
