What GFC? We’re Gen Y and we’re recession-proof
As a member of ‘Generation Y’ I’ve come to grips with the various stereotypes and countless sledges that come our way.
Everyone loves to bag us. John Birmingham was even quoted to be “looking forward to seeing them get run over by the coming recession”.
So to any haters I have some bad news: the recession has had little negative impact on Generation Y at all.
In the immortal words of John Lennon, “Nothing’s gonna change my world”.
We watch the news, we surf the web, and some of us even still read newspapers. So we know there is a recession and times are tough for economies, locally and globally.
But while we understand the seriousness of it all it hasn’t really affected us, financially or otherwise.
We don’t own property, so we haven’t got a mortgage. Interest rates are little more than a frequently discussed topic on the news to us. We don’t own shares so haven’t witnessed our stocks fall.
Superannuation is mostly irrelevant to our daily life. It’s something which we get frequent letters about in the mail.
I for one get lots of mail from various institutions that I’ve clocked up accounts with over the years. The letters get opened and (generally unread) are then placed upon the ‘stuff I really should sort out but can leave till later’ pile. It’s not something I’m proud of, but I have a feeling I’m not alone in this.
Our jobs are not 100% guaranteed and we know this. However, being down the lower end of the earning spectrum makes us more affordable and a little safer in terms of being made redundant. But if we do lose our jobs some of us will use this as an opportunity to study further or even start our own business. You can’t get rid of us that easy.
A good friend of mine lost his marketing job in December and used his redundancy cheque to start a company with a friend, gardening for strata buildings. Now he’s his own boss and has the freedom to work on his own terms. Another friend lost her job in the finance sector and two weeks later had a similar role at a competing company with a higher salary, not to mention her redundancy payout burning a hole in her wallet.
All in all, unless we’ve actually lost our job and can’t find another one, the recession hasn’t hit our pockets.
On the contrary, it has even got its benefits for us. With foreign exchange rates up and flight prices down it’s the perfect time to pack up and head overseas.
For the thrifty Gen Y’s the recession has given op-shopping and “second-hand -it’s-vintage” clothing even more credibility. Many of us received K Rudd’s stimulus and like obedient schoolchildren we did as we were asked. I don’t think I’m the only one to think of Kevin every time I switch on my new plasma screen TV.
This may seem selfish and ignorant, but it’s not. We’re doing what we can for the economy. AKA buying stuff we don’t need. Or, as I like to think, we’re participating in “socially responsible shopping”.
Now our addictions to new handbag smell and latest electronic gadgetry exist guilt-free. Not only do we get the latest style trends but we can sleep well at night knowing we’re contributing to the economic success of Australia. It’s all for you Australia. What more can you ask?
Please don’t hate us, we’re just a product of your hard work and success. Recession or not - we’ll never give up the good life.
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