<p>"The American dream of life getting better for each new generation feels like a myth to many of today's young adults.</p>
<p>After coming of age during a deep recession, most expect to have a harder time buying a house and saving for retirement than their parents did. More than 4 in 10 predict it will be tougher to raise a family and afford the lifestyle they want, according to an Associated Press-Viacom poll of Americans ages 18 to 24.</p>
<p>Only about a fourth expect things to be easier for them than the previous generation a cherished goal of many hardworking parents...</p>
<p>[However] ... Youthful optimism with perhaps a touch of naivete lives on. A whopping 90 percent expect to find careers that will bring them happiness, if not wealth."</p>
<p>The</a> Associated Press: Poll: Students optimistic despite money doubts</p>
<p>A few facts of life:</p>
<ol>
<li>Earning potential for history major at U of Minnesota is different from a guy with the same major and gradated from Harvard. There were numerous reports that a guy who graduated from Harvard history major got a job on the Wall Street with fat pay checks. </li>
<li>While school matters, field of study is also important. With the decline of manufacturing base in this country, getting into some field has become a death trap when it comes the time for searching for a job. </li>
<li>Many businesses are very cyclical in nature. Remember the boom and bust cycle of tech industry in the early 2000’s? Today, Google and Microsoft have to give their employees 10% raise in order to keep them from jumping ships. Is a bust cycle just around the corner? Time will tell.</li>
<li>It is good to be optimistic. It is even better to be flexible and learn new tricks. Many people, (including yours truly), are not working precisely in the field in which they were trained for at school. That is life. So learn to live with it, folks!</li>
</ol>
<p>I grew up in a time of economic pessimism which set the stage for a boom - growing up when things are tough gets you used to a lower standard of living; when things get better you feel really good. It has been a lot tougher for those growing up in good times to adjust to the bad times.</p>
<p>BC, I agree.</p>
<p>I’m glad my oldest started college last year, because the way that she sees her future and what she has to do in terms of finding employment, and what that will look like, is much more down to earth. </p>
<p>The kids I feel worst for are the ones who graduated a couple of years ago. They went through school with one paradigm and had no warning, at all… Their expectations were different. It seems challenging and probably feels a lot more difficult to them than it will to the kids who graduate in a few years, who expect this. Unmet expectations are really one of the great causes of unhappiness and frustration.</p>
<p>BC and poetgrl - very well put! My older son is finishing his sophomore year of college and he has seen us scrimp and struggle to afford it - he is very frugal himself - he works partttime - and has realistic expectations. It is, as you both said, so much better to start out with a very modest lifestyle and then gradually move up the economic ladder. Much better than starting out with a high paying job and being shocked with a layoff and spending years trying to reclaim what you had become accustomed to. I agree that kids graduating this year and next year are in a much better position than those who graduated in 2007 or 2008 - those are the ones that really had to make adjustments.</p>
<p>There are Harvard history majors having trouble making a living wage too. I know what you mean, and there certainly is an advantage going to the most selective and well known schools, but it is by no means a sure thing other than a good amount of envy on the social circuit. </p>
<p>The school we visited over the years with the highest starting pay for graduates was SUNY Maritime, and their numbers were held down by those kids who had committed to ROTC. Their average SAT scores could fit another section between that of schools that are considered high flying, and the average student cost is often 10%.</p>
<p>This article may be of interest:</p>
<p>[Recession</a> Generation Will Spend Less for Life - Newsweek](<a href=“http://www.newsweek.com/2010/01/08/the-recession-generation.html]Recession”>Recession Generation Will Spend Less for Life)</p>
<p>Individuals of college student age are expecting to be less wealthy than their parents but more satisfied with life, according to a recent survey. An AP poll was recently conducted of individuals ages 18 to 24. The survey found that youngsters were saddled with greater debts and higher costs than their parents, however were highly positive about the future.</p>
<p>[Students</a> optimistic about the future, despite expecting less cash](<a href=“Personal Money Store - Personal Finance Online Since 2008”>Personal Money Store - Personal Finance Online Since 2008) would help them have greater insights on life. We all know that education is key in any point in the business cycle. They can’t find jobs too soon so they can work first with low compensation. Then, gradually move up the economic ladder. That way, they enjoy their lives and be satisfied.</p>