Creative millennials
“What caused the economic collapse 2008? It was the subprime mortgage crisis” — Rush Limbaugh
In the past decade, we faced several financial crises and economic transformations, which completely change the whole landscape of employment and finance. Instead of working in a traditional full-time job, people can now choose an alternative way of working, such as a temporary contract, freelancing, or another gig job. Those emerging jobs could lead to unstable income, and a lack of employer benefits, such as health insurance, pension plans, and maternity leave.
As we have seen, millennials are entering the workforce in a new economic context. As a result, their borrowing and saving potentials are much lower than those of previous generations and their income is more volatile, which makes them a far less bankable “subprime generation” (Labouré M. and Deffrennes, N., 2022).
Moreover, in recent years, BNPL(Buy now pay later) become a popular payment method for shoppers. It could accelerate consumer debt in the following years.
As a service designer who is working in creative industries and the younger generation, the situation for young creatives could be much more difficult. Because of more gig economic jobs available in the market, young creatives have less choice for full-time jobs.
It could be a good chance for creatives to work on gig economic jobs because it provides flexibility to creatives to have more time to fulfill their creative propose. On the other hand, creatives might face job insecurity problems. That is the price to pay.
References:
Labouré M. and Deffrennes, N. (2022). Democratizing finance: the radical promise of fintech. Cambridge, Massachusetts: Harvard University Press.
CNBC (2021). Is Buy Now, Pay Later A Good Idea For Consumers? [online] www.youtube.com. Available at: https://www.youtube.com/watch?v=z_zj2OmTRJk.
