- UK Millennials feel their career prospects are worse than any other generation
- 25-34 year olds graduated into the worst UK economy in living memory
UK Millennials feel they have been denied the same career opportunities afforded to other generations, reveals research published today by HR software & analytics supplier Peakon.
Peakon surveyed over 5,500 respondents during February, and researchers found:
- Compared to any other generation, 25-34 year olds have the most negative views on their career prospects. 37% feel their opportunities are significantly worse than those of their parents’.
- 45-54 and 55-64 year olds feel overwhelmingly positive about their careers, believing they had “significantly better” career prospects than previous generations.
“This generation of young adults can rightly feel victimised, having been thrown into the worst economy in living memory.” says Dan Rogers, co-founder of Peakon.
“The first ten years of employment are the most crucial in defining career success. During this time, young workers experience 70% of their total salary growth, have the opportunity to move jobs, gain vital experience, and cement a career path. With a weak economy, you are robbed of this opportunity.”
“Having had to struggle through the downturn, too many young adults are realising that they fell victim to the economic climate. These ambitious millennials were denied development opportunities, pushed into lower skilled work, and ultimately, have been left behind.”
“It is well established that this will be the first generation to earn less than their parents throughout their careers.”
“Abandoned Generation” Not Isolated to UK, Concerns Extend to Europe
Peakon extended the survey to Spain, France, Germany, the US and Mexico. The results showed that:
- 25-34 year olds in Spain have the most extreme polarised views on their career prospects. 46% think their career prospects are worse than their parents’ generation, though a similar proportion are feeling positive.
- German millennials are among the most optimistic in Europe. Only 24% feel their parents had better prospects.
- Millennials in Mexico are extremely positive. An overwhelming majority feel their career prospects are better than their parents’ generation.
“The polarised results from Spain are particularly interesting” says Dan Rogers. “The Spanish economy was savaged in the downturn and youth unemployment exceeded 50%. The 46% who say they’ve had significantly worse opportunities are still bearing the scars of this brutal period.
“German respondents are noticeably upbeat. Europe’s largest economy is progressing well, especially as unemployment is at a record 25 year low. This, combined with a relatively low cost of living, means that young workers in Germany have a high quality of life, and foresee a prosperous career.
“The Mexican economy has recovered from the economic crisis it experienced in the early 90s, and millennials are overwhelmingly optimistic about their prospects. Despite all the talk of America securing its southern border, net migration from Mexico to the US has actually reversed, with more Mexican immigrants returning to their homeland than leaving to seek employment opportunities in the States.”