You’ve worked hard and have made strides in your career. Despite racking up some debt, including perhaps student loans, you’re climbing and may be even seen as a mover and a shaker. And time will come —if it hasn’t already— when the coveted word “senior” or “partner” will be added to your title and bring with it a sweet raise. Before you know it—boom!— you’ll be in the money.
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For young professionals today, there’s been a “good news, bad news” financial scenario developing for a while now.
Good news first: The unemployment rate for college grads, ages 22-27, is finally on the decline. Recent data from the New York Fed outlines a 7.1 percent unemployment rate in March 2011 and a 4.9 percent in 2015.
The bad news? Despite the fact that there are more jobs available for younger workers, widespread wage stagnation and decline has made it hard for 20- and 30-somethings to play financial catch up. Add to that a record volume of student loan debt, and you’ve got an entire generation suffering from a generational “wealth gap.”
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