Laid off twice by 24

laid_off.top.jpgSasha Maese has already been laid off twice since graduating in 2008. She takes a photo of herself every morning - whether she's at work, or unemployed and in bed. By Jessica Dickler, staff writer


NEW YORK (CNNMoney.com) -- Laid off twice by age 24? Absolutely.

"A surprising number of employees in their early twenties may have already experienced multiple layoffs," said David Morrison, managing director and founder of Twentysomething Inc., a marketing company that focuses on Gen Y.

That's because the job pool for college grads continues to shrink. In November, the unemployment rate for those post-college age (20-24) was almost 16%, compared to 9.8% for the nation. And according to a recent Pew Research Center study, nearly 40% of 18-29 year olds have been unemployed or underemployed since December 2007.

"Youth unemployment is a crisis-level epidemic. Millions of college students can't even get their foot in the door," said Scott Gerber author of "Never Get a Real Job: How to Dump Your Boss, Build a Business, and Not Go Broke."

Sasha Maese has already been laid off twice since graduating in 2008. "It's incredibly frustrating," said the 25-year-old who graduated from New York's School of Visual Arts.

When she graduated in May 2008, she landed a job as a copywriter. But, she said, "I lost that job after three months. Then, I had a full-time job for over a year as a copywriter with an advertising agency and I was laid off from that with no notice. I was 24 when it happened. I was actually escorted from the building."

Since then Maese, who graduated college with $132,000 in debt, has been juggling freelance copy writing jobs to make ends meet. "It's awful because it's like I have to put the whole rest of my life on hold, I can't move, I can't plan for my future because I don't know what my financial situation is going to be."

Michael Whelply, 27, graduated in 2006 and has since been looking for a full-time high school teaching position. "Unfortunately with the downturn, a lot of towns are cutting budgets so there's not a lot of opportunity to get into a school district."

Whelply's longest stint so far was filling in for a teacher out on a six-month maternity leave last year.

"I substitute right now and tutor at a local college, but I haven't been able to get in the door full-time at any institution," Whelply said. "I try to be optimistic but it's pretty bleak."

Without lasting jobs, many recent graduates not only struggle with mounting debt -- and are forced to move back in with their parents -- but also miss out on valuable time when they should be building a career.

"There is a reason to be concerned," noted Brooks Holtom, associate professor at Georgetown University's McDonough School of Business. "One of the challenges that people who graduate in a recession face is lower aggregate lifetime income. They are likely to earn less money over the course of their careers."

Holtom advises his graduate students struggling to stay employed to consider alternative paths and plans. "It may be that they take something that's not at the level they expect but is a learning experience," he said. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.01%4.03%
15 yr fixed3.12%2.97%
5/1 ARM3.11%2.99%
30 yr refi4.04%4.09%
15 yr refi3.15%3.05%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,804.80 26.65 0.15%
Nasdaq 4,765.38 16.98 0.36%
S&P 500 2,070.65 9.42 0.46%
Treasuries 2.18 -0.03 -1.27%
Data as of 6:18am ET
Company Price Change % Change
Bank of America Corp... 17.62 0.09 0.51%
Apple Inc 111.78 -0.87 -0.77%
General Electric Co 25.62 0.48 1.91%
Intel Corp 36.37 -0.65 -1.76%
Microsoft Corp 47.66 0.14 0.29%
Data as of Dec 19

Sections

New York Magazine reporter Jessica Pressler, who has been caught up in controversy this past week, will not be moving on to a new job at Bloomberg News. More

Investors beware: These 5 global crises are likely to rattle the stock market and world economy. More

Forums in dark corners of the web sell the kinds of hacks that befell Sony. More

Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More

The income of the top 1% jumped significantly in 2012, far outpacing inflation. Not only did this group make a larger share of the country's income, their share of total taxes also jumped from 35% to 38%. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.