Jan 20 2023 Generation Jobless & Generation Boomerang

There was a time when a University degree assured one a of good job, good pay and a comfortable life.  

Sadly this is just not the case any more.  

Today, the unemployment rate for young people in Canada is close to 15% – triple that of the general population.  (5%)

The real crisis though is the increasing number of university and college grads who are underemployed – scraping by on low-paid, part-time jobs that don't require a degree.  

Although there are no official statistics in Canada, it's estimated that after graduating, one in three 25 to 29 year olds with a college or university degree ends up in a low-skilled job.  

And to make things worse, 60% graduate with an average debt of $27,000.  Mired in debt, and working in dead end jobs, their launch into adulthood is being curtailed.  Some are calling those of university age "the lost generation."

Youth unemployment and underemployment is a ticking time bomb with serious consequences for everyone.

Is a University Degree a Waste of Money?

delves into why so many young Canadians are overeducated and underemployed.  The reality is that today's twenty-something's are entering  an economy in the throes of a seismic shift where globalization and technology are transforming the workplace. 

• Automation is replacing tens of thousands of jobs at a time.  
• Companies fixated on the bottom line are outsourcing jobs and wherever possible getting computers to do the work.  
• Employers are placing a higher premium on experienced workers, unwilling to invest in training new entrants to the workforce. 

So, young people are caught in a catch 22.  How do you get experience if no one will hire you without it?

Many are working for free as unpaid interns, just to try and get their foot in the door.  

For the first time in history youth are facing another unique challenge  – competition with their parents' generation for the small pool of jobs that do exist. Boomers who are delaying retirement. 

Watch 

Is a University Degree a Waste of Money?

Reflection Questions

1- What were your overall thoughts on the video?

2 - Does a university degree equal success? Why or why not? 

3 - After having viewed the piece have your plans for the future changed when it comes to post secondary education? 

If Time:

'GENERATION BOOMERANG' is a term that refers to many of today’s young adults are slow to launch out on their own. 

The reality is that many feel that getting ahead today requires one to achieve completion of post-secondary education. This leaves many young people heavily in debt.  And finding a job is tough.  

In Canada, the unemployment rate for 15 to 24 year olds sits at 15% — triple what it is for the general population.   

But those aren’t the only reasons young adults are choosing to remain under mom and dad’s roof.  

After a childhood of overprotection, overindulgence, over-everything, many of today’s 20 and 30 somethings are finding the real world just a little too real. Why share a dingy basement suite with 3 roommates and eat macaroni, when you can live in a comfortable renovated basement and eat mom’s pasta primavera?  And parents?  Many are just fine with the arrangement, because they consider their kids their friends and like having them around.   And they are quick to come to the rescue whenever they see their offspring headed for adversity.

Question - Is this 'Boomerang Kid' trend a good thing or is it creating a generation of kids who will never grow up? Do you plan on being a boomerang kid? Why or why not?