October 4, 2013
Data point: Despite BRIC growth, Millennials feel economic pressures
Despite long-term economic growth in their markets, BRIC Millennials feel negatively affected by the global downturn, as we found in a July 2013 survey conducted in Brazil, Russia, India and China using SONAR™, JWT’s proprietary online tool. As explained in our recent report “Meet the BRIC Millennials,” which outlines results of the study, a majority of the 1,640 Millennial respondents (70 percent) say they have been dealt an unfair blow because of global economic uncertainty and that people their age are struggling to find jobs. Patchwork earnings are most prevalent among Indian and Russian Millennials, with 8 in 10 saying that people their age balance multiple jobs to get by.
These Millennials are confronting fiercely competitive conditions. In China, for instance, the number of college graduates has quadrupled over the last decade but professional jobs haven’t grown nearly as fast. A 2012 government study cited in Businessweek found that unemployment among 21- to 25-year-old graduates was 16 percent, four times the official urban unemployment rate. In Brazil, nearly 20 percent of young people aged 15 to 29 are NEET (not in education, employment or training). Corporate efforts to address the issue include Barclays’ partnership with UNICEF in the Building Young Futures program.