How will Gen Y Survive?

There is a lot for young people to be concerned about today. House prices soaring out of reach, average wage deflation of 1% each year, political unrest and global economic instability. All in all, on the face of it at least, it’s a pretty bleak forecast.

The general picture painted of millennials is that of entitlement, that we’re actually ungrateful for how good we’ve got it. I attended a training session earlier this week for the next generation of financial planners, where one of the questions put forward to the group was; how are millennials  perceived in the eye of the general public? The first three answers, in a room mostly made up of ‘millennials’ were – entitled, lazy and work-shy. The general sense then, is that we’re pretty much all spoilt brats.

Yet underneath the stereotype, there seems to be something great brewing in our generation. You see, we’re adapting. Lower wage growth, fewer jobs and higher levels of debt mean we’re having to be more innovative than perhaps previous generations, where a middle-management job and a final salary pension would have you set up for life. The latest generation entering the workplace are figuring out how to get ahead of the game and, through the ability to adapt, are putting those stereotypes to shame.

Not happy to settle for our lot and accept the way things are, we’re becoming more qualified in our specific roles, more prepared to innovate and becoming more creative in order to stay ahead of the curve. Having come of age at a time of technological change, a global economy and of worldwide access and distribution, we’re embracing the tools we have to become the most entrepreneurial, efficient and profitable generation ever.

Despite a rather gloomy setting, the future is actually looking pretty positive for ‘Generation Y’. Not only are we proving we can survive through an unforgiving economic environment, all the signs point towards our increasing likelihood to thrive.