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Job security > dream job

gen-z-employment-job-security-thefutureparty
Illustration by Kate Walker

Job security > dream job

 

The Future. With a possible recession on the horizon, Gen Zers are looking for stable employment rather than their dream jobs. Because young adults are often among the hardest hit by economic downturns, they can suffer long-term financial consequences if they remain unemployed for too long. Being able to afford big purchases like a car or home and even retirement may come at a much later age than previous generations — if at all.

Changing priorities
A June survey of 1,400 recent college graduates and current seniors conducted by the networking platform Handshake breaks down the vibe shift, reports Insider.

  • 74% of Gen Zers favor job security compared to less than half who prioritize working for a well-known brand or in a fast-growing industry.
  • Nearly 50% of those surveyed plan to apply for more jobs than they had initially planned.
  • Over 33% are expanding their job search to include more industries, while 18% plan to begin their job search earlier.

Disproportionately affected
Many young adults lack the financial cushion to weather an economic storm. Per the New York Fed, credit card debt is rising, and 18 to 29-year-olds miss more credit card payments than any other age group.

However, running out of money isn’t the only obstacle that Gen Zers will encounter.

“Young adults have more difficulty than usual entering the workforce or maintaining a job held at the onset of a recession,” wrote Bureau of Labor Statistics economist Geoffrey Paulin in a 2019 blog post. “Any delay in employment can reduce asset accumulation over their lifetimes.”

In other words, saving for a rainy day may not be possible in 2022.

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