But we should be careful of drawing lessons from the past and applying them to the present. Today, people move between companies more than ever. Landing a job at a less desirable company in a tight job market no longer ties you to that company forever. Though it is certainly less than ideal to hunt for a job during a recession, college students in this new professional age are better poised to overcome its disadvantages in the long term than previous generations.
—Adam Hoffman, Princeton University, politics
New Budget, New Balance
As a college student I am still reliant on my parents for about half of my financial support. A recession would change that relationship.
I would have to find a higher-paying job or work twice as many hours. I would have to alter my social life: less eating out and casual drinks with friends after class. I would have to find new ways to maintain a social life without spending a dime. A recession would change the delicate balance I have between school, work and friends.
—James Demarest, Texas Tech, personal financial planning
Can’t Catch a Break
A recession would prolong the uncertainty and restrictions that young people have experienced over the past few years due to the pandemic—now because of financial restrictions. Again, students will be held back from the typical college experience. For those of us who entered postsecondary school during the pandemic, a recession would mean that many might have to sacrifice the little luxuries that they have not been able to enjoy for years—things such as going out with friends or participating in extracurricular activities. All this uncertainty adds to the anxiety associated with graduating into stable employment or finding internships. It feels like we just can’t catch a break.
—Pe’er Krut, University of Western Ontario, international relations
It’s Time to Invest
To me, a recession means spend less, work more and save earnings for investment opportunities when the recession ends.
Like me, many college students may find when they graduate that their degree does not get them a job that pays them enough to support themselves. If students live at home, they should capitalize on lower expenses and work more hours to increase savings. When the recession ends, stocks and real estate will be more affordable. Invest, and use the appreciation of your stock portfolio or the income from your rental property to pay for the life you thought your college degree would earn you.
A recession is an uncomfortable time, but since the U.S. economy has always bounced back, this is an opportunity to invest and make a more interesting life for yourself.
—Kevin Catapano, University of Connecticut, political science
Pivoting to Financial Careers
I have always wanted to be a journalist, but no amount of preparation for an intended occupation can compensate for a limited job market. According to a Pew research study, newsroom employment has fallen 26% since the last recession, and there is reason to expect more jobs to be lost with the next. Job opportunities alongside pay and benefit insecurities, if anything, will only worsen in fields such as journalism that are already competitive.
At the expense of personal fulfillment, I am pivoting toward more financially stable careers. In the end, while it may be nice to continue doing what I love, I’d rather pay my bills and living expenses. It’s hard to be intellectually stimulated, after all, when you’re in debt and lack healthcare.
—Long Tran-Bui, Swarthmore College, politics, philosophy and economics