Twenty-somethings and still exposed: these young professionals who do not make it<

"I'm starting the month negative," says Loubna (1), a 29-year-old Parisian. In charge of public relations for a cultural institution, with a salary of €1,500 net, half of which is sucked up by her rent, the question is no longer whether she will be overdrawn, but by how much. “The end of the month is very stressful, between the calls and letters from my bank and the fear of seeing my bank card blocked, she describes. I had to ask my mother for help several times over the past few months.”

Loubna is no exception: nearly one in two French people is overdrawn at least once a year, according to a study by the comparator Parabanques published last October. The youngest, especially: 51% of 18-34 year olds are affected, compared to 38% of those over 66. Blame it on wages and savings lower than those of their elders and, perhaps, on the crisis, which particularly affected young workers, with an increase in fixed-term contracts and partial unemployment more frequent than among older employees . Whether they are executives or not, those under 30 have also seen their income drop in 2020, according to a study by the Association for Executive Employment. Same thing for 20-25 year olds: between August 2020 and January 2021, their incomes sank by 5 to 10% compared to 2019, against a drop of 0 to 5% for the whole population, according to a note of the Economic Analysis Council (CAE) relayed by Le Figaro.

Complicated beginnings

Loubna was directly affected. With the closure of cultural venues, she spent the pandemic on partial unemployment – ​​with 70% of her salary, therefore, compensated by larger social benefits than usual. What dampen, in part at least, another economic shock, of personal origin that one: his breakup. No more rent, shopping baskets and bills halved. “I also pay for my rhythm of life, admits Loubna, however. I chose to leave Touraine to come and live in Paris and I find it difficult to deprive myself of what the city offers. Namely concerts, friends that we see more readily in restaurants than at home, new encounters, parties that we return to in a VTC... Precious moments of breathing but heavy on the budget. “I try to restrict myself but you quickly feel left out.”

Away, but also anxious, guilty, sometimes ashamed of having a job, a salary and, yet, the same financial worries as when she was a student. Like the first hesitant steps in adult life. “I like to send back a square image, that of someone who works well, behaves responsibly and leads a good life, at all levels. Not getting there, especially in the eyes of my family who supported me financially for a long time, is quite difficult”, also confides Damien (1), a 27-year-old Parisian communication consultant, employed for a year. He earns 2000€ per month, pays 770€ for his 30 square meters and repays 400€ of student loan. Once all the bills have been paid, he has just over €400 left to live on. “In general, I end the month at 0, or with an overdraft of a few tens of euros, he explains. At the moment, I am at - 300, because of some deviations. Which force him to adopt emergency strategies, such as withdrawing cash before his bills are collected – even if it means accumulating unpaid bills.

The podcast to listen to

Work less to live better?

Damien's parents, tired of having to cover his expenses, suggested that he manage to earn more. Why, after all, not take a second job on weekends? “I'm thinking about it, but I've taken on a lot of responsibility in the office, I already feel on my knees, I dare not imagine if I had a second job, he hesitates. Besides, I need moments of breathing for my personal balance.”

Any handy-peeps out there can tell me how to lay black REAL slate tiles on concrete?

— Louise Nel Sat Apr 28 19:24:43 +0000 2018

This is, perhaps, all the ambiguity of the relationship to money of this educated, urban generation, which aspires to a stimulating profession, carrying meaning but which does not stifle their private life. Having the time to "enjoy life" is thus the second most important criterion in the eyes of 18-30 year olds for a successful life, we read in La Fracture (2), a collection of opinion surveys carried out among young people. They are not disinterested in money, but out of 13 criteria for evaluating their professional satisfaction, remuneration comes in 12th place. Only 54% of those under 30 are satisfied with it, far behind their autonomy at work (98%), the content of their job (75%) or the atmosphere in the office (83%).

Also read »Why thirties will not return to the office as before

In France, money brings happiness

What is certain is that a stimulating job and free time are not enough for happiness, at least not in the Hexagon. “It is in France that the statistical association between happiness and money is the strongest. (...) Much more than elsewhere, income influences trust in others and in institutions, as well as the quality and density of social relations outside the family circle,” note the economists Daniel Cohen and Claudia Senik in The French and money (3).

Dissatisfied with their salary but reluctant to work too much and, at the same time, distressed by their meager income: this is the spiral in which some young workers are caught. Except that their lifestyle involves a budget, so clear choices. "I'm looking for a position commensurate with my qualifications, with more responsibilities, so a better salary," explains Loubna. If necessary, I will retrain, and I will flourish outside of work. Damien, he grits his teeth waiting to be raised, promoted or debauched. "I don't want to leave my business just yet, but if the situation hasn't changed in a year, I will ask myself more questions," he breathes.

Also read » Checkboxes for managing (and keeping) those under 30

Taking back control

But is earning more the solution? “Travel, decoration when they settle down as a couple, then the children who arrive … These almost thirty-year-olds will soon have new expenditure items”, underlines coach Fabienne Dupuij, founder of the School of Money. . Hence the importance, according to her, of appropriating her finances as soon as possible. A necessary step to perhaps tame frustration and develop a more adult relationship with money. “This involves going through your accounts regularly, without judgment or morality, keeping Excel tables and trying to understand, through your expenses, what deep need or desire you are satisfying,” she continues. Ask yourself what matters most, in your habits: lunch every day outside or treat yourself to a good dinner with friends a week? Rob the thrift stores to change your look regularly, or wear some beautiful more expensive pieces?

In video, 8 tips for creating breathing space while working from home

“What we measure progresses, encourages Fabienne Dupuij. We start by forcing ourselves, we see that it works, we get a taste for it and it becomes a habit. We leave the "must" to think about what "I want". Identify your needs... and the means to earn enough money to satisfy them. Not always easy, for young working people still inexperienced, sometimes worried about a job market in full mutation. When linear careers crumble, the different forms of work multiply, the number of freelancers increases and, finally, everyone seems entirely responsible for their own career, and therefore their own life. A guarantee of freedom, perhaps, but also a sometimes heavy burden to bear.

(1) Names have been changed.

(2) La Fracture, by Stewart Chau and Frédéric Dabi, Les Arènes, 288 p., €19.90. Available on leslibraires.fr.

(3) The French and Money, directed by Daniel Cohen and Claudia Senik, Albin Michel, 400 p., €22.90. Available on leslibraires.fr.