WAGES FOR UNDER-30s DROP BY 11% – BUT UPBEAT GRADS SAY “WE DON’T KNOW ANY DIFFERENT”
How rich (or poor) do you feel – and does it get you down? Or do you refuse to worry about it?
Graduate Fog has noticed a wide range in attitudes from readers, when it comes to work, jobs, salary and debt. While some of you are struggling emotionally as well as professionally and financially, others seem remarkably upbeat about their ongoing battle to establish a career. What’s going on?
Horrendous figures emerged this week from the Institute of Fiscal Studies (research funded by the Joseph Rowntree Foundation), showing wages for under-30s have dropped by 11%, and over a quarter of people aged 22-30 still live with their parents.
But a Channel 4 News report provided a fascinating insight into this age group’s attitude towards the future. Economics editor Paul Mason interviewed Charlotte Osborn and Samara Tompsett, both 27, who run a ‘collective’ set design company called Morning. Both women – who had done internships, part-time work and moved from job to job since graduating – looked pretty skint. But they also seemed remarkably cheerful and hopeful. This is how the interview went:
Paul Mason: How long has it been since you’ve had a regular, well-paid job?
Samara Tompsett: [laughs] I’ve never had a regular, well-paid job.
Mason: You’ve never had a regular, well-paid job?
Both women: [laugh] No!
Mason: Do you expect to have one?
Tompsett: Well, we expect that what we’re doing now will build up to become something that we can call a regular, well-paid job, but at the same time that it will always be… not. It will always be slightly odd. We don’t know any different, because we’ve never… We came in [to the workforce] at the beginning of that [recession]. So I don’t know what it would be like to have a lot more money.
Here is the report in full:
We have heard from graduates who say they simply never think about the size of their debt, or how long it will take to pay it off (if they ever do). You also say that since you’re all in a similar position, there’s a “We’re all in this together” sense of camaraderie. And we know that Millennials (urgh, sorry) value how you feel about your work above how much you earn. Is a whole generation sticking its head in the sand when it comes to money? Or have you rejected materialism and achieved a zen-like ability to live in the present, rather than worrying about the future?
*HOW DO YOU FEEL ABOUT YOUR FINANCES?
Do you think about your debt – or just ignore it? Are you worried about the future, or do you try and live in the present? We’re fascinated by this subject, so please share your views below!
For some reason the chat is all on Twitter today! Give me a sec, I’ll post some of the best tweets here…
From Twitter…
@Coopsie re: my debt i don’t care because politically i don’t believe i should have had to pay. The govt made me, on their heads be it!
@Coopsie also i am a mix of angry and optimistic. I love my job and that’s worth being poor for but i do feel like I’ve been screwed.
@NazKinsella good to be positive when looking for your first jobs but not at the expense of being aware of an issue that needs to change
@NazKinsella if we/you/us bury our heads in the sand about the current squeeze on young people then we will be further marginalised
@WilliamCorderoy Not concerned about debt. More concerned about lack of opportunities these days for young people in terms of jobs, housing etc
@harrietgrecian I agree! Most of us are in the same boat. If anything those figures in @Channel4News report just make me want to succeed more..
@harrietgrecian …but I should probably think about my student loan debt more than I do!
@keritweet I totally agree with this. Student debt just ranks next to tax & NI for me.
@Matt_Smi Notion of generation sticking head in sand is patronising & unfair. Competition over jobs is vast. Cheerfulness is resilience.
@PrecariousEurope My student debt hasn’t crossed my mind in years. [Yiannis]
@JessMeacham well, good for them. Doesn’t detract from larger economic problems.
@Genomehack I’m sure a lot of innovation/ entrepreneurial spirit will stem from this.
@Genomehack The aspect that bothers me the most is the reduced amount of time to engage in politics (and the obvious lack of security).
@Genomehack The liberation of information for this generation will help reduce intransigence, but the lack of stability (zero-hour con.s) and time will force people to become less aware and more importantly less able to be pragmatic in response to policies.
@GregCampbell15 Great that many can cope with the challenges, and there are opportunities. But so much talent out there is going to waste.
@hesquire nice piece – It’s all about mindset and given the average uk salary is £26k most 20s aren’t doing too badly
@dhunerz I’m in the same position. Everyone has a job but me I take every chance I get interviews phone calls emails etc #gottokeepgoing
@akamalaccas1 The @grateful__dead maybe describe it.Going to hell in a bucket but at least I’m enjoying the ride.
@ConorMcCormick sounds familiar… Living in hope!
@KingRossco Most folk are just happy if they get a job in their field – plus the one in the article saying they don’t know any different!
@Joeyedwards95 Debt will be something that hangs over this generation. Debt for education, debt for a home, debt to simply live…(1/2) …it’s something hard to be rose-tinted about it, in the end the debt will always lurk over you waiting to be re-paid.
@XanRobinson Interesting. Most won’t repay the average student debt before it expires. I (& many others) just treat it as a “Graduate Tax”.
@rrwholloway give it time. As they start raising kids while renting their optimism may change to anger.
@PSPKatarina there’s a difference between cheerful stoicism and resignation to fate. The macro economic effects are to be watched though
@dandyfenster my daughter is one of many years, think you would need to ask her for comment on this! Julie keeps privacy so I don’t know!
Most probably have rich parents….wait until a few years when reality kicks in.
Employers want a “positive can-do attitude”. Depression and negatively is not acceptable. If you are depressed you can’t let it show even though it is a perfectly rational response to the threat of being sanctioned by the dole office, losing your house or not having enough money to buy food.
Sometimes they try and trip you up asking negatively framed questions at interview such as “Why don’t you want to work at X any more?” Be guarded and don’t say anything negative as they will use that to reject you!
Lets not take, what appeared to be a set up, as face value…it reinforced the myth that, as part of career development, graduates must accept an unpaid internship or unpaid work, before joining the real world of work.
Quite pathetic, frankly.
I wish I’d been that cheerful and optimistic as a new graduate.
graduate debt is honesly meaningless.. £30k.. £100k it makes no difference. it will never be paid back. even bailiffs wouldnt work because the young have hardly any assets. what’cha gonna do, throw a generation in jail? if there were actually decent paying full time jobs out there perhaps more would be making repayments and contributing to the economy.
liberal democrats are SCUM