Defining our Generation

Biases are not random: they are a result of an environment. When an entire generation is exposed to the same trauma around the same time, it can define that generation and give it a unique identity.

The children of the Great Depression were born and raised in a time of hardship, where their wants were often compromised. Poverty stricken families often pulled their children from school and tried to find them work. Children were forced to grow up fast, many had a mere 4 year of childhood before they were expected to contribute to the family. They went without food, shoes, clothing, heat, and other staples. As these children grew older, they vowed never to put their own children through such a grueling childhood.

In turn their children grew up with a sense of entitlement. They had been given everything, and so they grew up expecting everything. This “baby-boomer” generation came up during the post WWII era, when the US had no competition to speak of and every sector of our economy was in rapid growth. Many families at this time saw the American Dream come to life before their eyes. When they worked hard and saved, they were able to achieve a very comfortable lifestyle.

Fast forward to 2011. More children than ever are attending college. The value of education has been drilled into them by their parents and teachers (members of the baby-boom generation), but perhaps less emphasized was the debt burden that would come along with the 4-year degree. Two-thirds of bachelor’s degree recipients graduated with student-loan debt in 2008, compared with less than half in 1993. Last year, graduates who took out loans left college with an average of $24,000 in debt. But the real kicker is that today’s graduates are having a harder and harder time finding a job. A larger percentage of recent graduates are un- or under- employed today than at any other time in the past 50 years. With mounting debt and no traditional income to pay it off, this generation I going to have to face unique challenges. Unique challenges give rise to a unique outlook.

How will chronic unemployment, student debt, and the Great Recession impact this generation? I plan to make some predictions, but first I want to hear yours! Comment below, and share your thoughts.