Gen Z may have a promising work future after all

The Future. A report from the Economic Policy Institute found that Gen Z may actually be okay when it comes to career and earnings prospects despite the economic upheaval of the past few years. However, with housing costs, student debt, and health-related costs hitting record highs, the generation may still conduct their job searches and financial planning for the foreseeable future as if they have it as bad as millennials did after the Great Recession.

Career cycle
EPI’s study found that the job market for new grads is stronger now than it was before the pandemic.

• 65.2% of them are employed (a higher percentage than in February 2020), while unemployment has bounced back 2.5 times faster than millennials after the 2008-2009 Great Recession (3.3 years compared to 8.5 years).
• They’ve also had the best inflation-adjusted wage growth of any generation in 30 years, spurred on by minimum wage increases and multiple labor actions.
• And 83% of employers plan to increase their hiring of new graduates, per the National Association of Colleges and Employers.

Why are things so much better overall for Gen Z coming out of COVID than millennials coming out of the Great Recession? According to the report, you have governmental fiscal relief, recovery packages, and unemployment insurance to thank for people not sinking into financial crisis.

While the data may be good, though, the vibes are still bad.