4 'Once-In-A-Lifetime' Events Millennials Lived Through That Explain Why They're So Resilient
CarlosBarquero | ShutterstockEach generation faces its own challenges, but millennials, in particular, have been through a lot. This generation is often praised for its collective resilience, but it does make you wonder what has forced them to become so strong.
Economist Andrew Lokenauth shared his thoughts on why millennials had no choice but to toughen up, in response to a report that Americans are working two jobs, now more than ever before. Lokenauth explained that millennials lived through very specific events that have contributed to their grit and resilience.
Millennials are resilient because they lived through these major events
1. The Great Recession
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Right when most millennials were graduating and preparing to enter the next phase of their lives, the U.S. economy was hit with a recession that few other financial crises can compare to. What came to be known as the Great Recession lasted from 2007 to 2009, but is most closely associated with the nightmare of a year that was 2008.
The recession is usually attributed to the housing market basically falling apart, but it had far-reaching effects. The unemployment rate soared, and many of those who lost their jobs were out of work long-term because they couldn't find anything else.
These are obviously not ideal conditions for joining the workforce and striving to become financially independent. Millennials struggled to find work, and what they were able to find often wasn't enough to fully sustain them. Some people still feel the impact of the Great Recession now, including the generation that had to grow up way too fast to survive.
2. A global pandemic
Unfortunately, unprecedented events always seem to happen at times that should be considered milestones for millennials. After they graduated during the Great Recession, they went through a pandemic at what Lokenauth said was supposed to be their "age of independence."
COVID was difficult for all ages, but young people seemed to be hit the hardest in some ways. Millennials actually struggled more with loneliness and the lifestyle adjustments required by lockdown protocols than older generations did. And although it wasn't as bad as the 2008 recession, the pandemic did cause another economic downturn.
Right when millennials were supposed to be in the prime of their lives, precautions forced them to spend all of their time at home. It changed the way they worked and the way their kids completed schoolwork. They handled it so well, but that doesn't mean it was easy.
3. Layoffs driven by AI
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Millennials have reached the point in their lives where they should be peaking in their careers. But instead of getting well-deserved promotions and salary increases, they're stuck holding on for dear life as the growth of AI completely changes the workplace.
Almost 150,000 people have been let go from tech companies that wanted to invest their resources in AI instead since the beginning of the year. The rising unemployment is making the gap between the rich and the poor even wider than it was before, which makes it all feel even more unfair.
Millennials who are ready to advance in their careers definitely aren't prepared to start from square one again and reinvent themselves so they can find a job. After all they've been through, it feels awful that they're being asked to do so, but there's really no other option if they want to keep up with how the world is changing.
4. A housing crisis
On top of it all, millennials are living through another housing crisis that must be giving them traumatic flashbacks to the Great Recession. It's worse now, though, because they're reaching the stage of life when they should be able to buy homes themselves.
A low supply of available homes has driven costs up dramatically. The cost-of-living crisis that's touching nearly every aspect of life right now isn't helping with mortgage and rent affordability either. These millennials think they should be able to buy a house like their parents did, but that's not their reality.
Unfortunately, many members of older generations don't really seem to understand what's happening. Inflation has changed the value of money completely, so a young adult could be making more money now than their parents did at the same age, but it's not worth as much. Instead of recognizing the frustrating conditions they're facing, millennials' parents and grandparents tend to blame their spending habits for their financial woes.
Each generation could probably make a pretty strong argument for how many obstacles they had to overcome, but something seems unique about millennials. The world keeps giving them the worst it has to offer at times in their lives that should be marked by success and joy. It's made them stronger, but comes with a lot of consequences, too.
Mary-Faith Martinez is a writer with a bachelor's degree in English and Journalism who covers news, psychology, lifestyle, and human interest topics.
