There is a terribly sad phenomenon occurring in todays 20-30 somethings. It seems that they are the most educated demographic in U.S. history. They also cannot find a job. According to a recent article on msnbc.com, many of them are facing staggering student loans and have moved back in with their parents. Unfortunately, student loans are not dischargeable like credit card debt.
Young People Cannot Get a Job in this Recession
That means that their careers are having a very difficult time getting off of the ground, and consequently many will have to work longer in order to be able to retire. The msnbc.com article noted that while the overall unemployment rate was 9.5 percent in June, it was 15.3 percent for those aged 20-24, compared with 7.8 percent for ages 35-45, 7.5 percent for ages 45-54, and 6.9 percent for those ages 55 and older.
This recession is hurting both the under and overqualified job candidate.