December 19, 2016
Washington – Young workers in the United States experience higher rates of unemployment than the population as whole but are nonetheless generally optimistic about their job prospects, according to the Federal Reserve Board’s new report, Experiences and Perspectives of Young Workers. The report, which presents data collected in 2015 as part of the Board’s second Survey of Young Workers, provides a snapshot of the educational attainment, employment experience, job market outlook, and financial self-sufficiency of 18- to 30-year-olds.
Overall, the survey reveals that 61 percent of respondents are positive about future employment opportunities, compared with 45 percent in the 2013. It also shows that respondents with postsecondary education and those who are currently employed are more likely to be optimistic about future job opportunities.
The survey finds that, despite the flexibility of some contingent or contract work, young adults prefer jobs that are permanent and steady. Among the employed respondents, those with a permanent job are more likely to enjoy additional positive labor outcomes, such as satisfaction with their pay and benefits, than workers with temporary jobs. Likewise, young workers prefer steady employment to higher pay.
Seventy-three percent of young workers said they were able to cover monthly expenses with their income in 2015, compared with 64 percent in 2013. The ability to go without a paycheck for four weeks temporarily also improved between 2013 and 2015.
The report is available at: www.federalreserve.gov/econresdata/2015-experiences-and-perspectives-of-young-workers-201612.pdf.