Millennials see the lack of full-time jobs and affordable housing as the two biggest challenges facing their generation, with almost half of those in precarious employment saying their work status causes depression or anxiety, according to a new survey of young people in Hamilton.

Only 44 per cent of millennials working in the area have found full-time, permanent jobs, the report said. The majority reported not having jobs that provide extended health benefits, pension plans, or employer-funded training, while 38 per cent said they expected to be worse off than their parents, the report said.

The study conducted by McMaster University and the Poverty and Employment Precarity in Southern Ontario (PEPSO) research group surveyed 1,189 employed millennials in Hamilton. While not a representative sample of the entire demographic, the report says its findings are a “reasonable picture of what it is like” for workers under the age of 35 in the broader region.

“You hear a lot of criticism of this generation, but I think they are one of the most ambitious exciting generations,” said researcher Jeffrey C. Martin, who co-authored the report with McMaster University professor Wayne Lewchuk. “But the cards haven’t been dealt well for them.”

The study, entitled “The Generation Effect: millennials, employment precarity and the 21st century workplace,” found significant differences in well-being based on employment status. Some 48 per cent of millennials in unstable jobs reported being depressed or anxious as a result of working conditions, compared to 11 per cent of those in secure positions.

“The word that comes to mind is disturbing,” said Martin, who is also co-chair of the Hamilton Basic Income Group.

“The high levels of poorer mental health, depression and anger among millennials should be viewed as a red-flag warning as they pose serious consequences for the millennial generation’s future,” the report says.

The study found that millennials “look at their future with less optimism and assurance than previous generations,” with the scarcity of full-time work and affordable housing identified as their most significant concerns. Almost half of young workers in precarious jobs reported that anxiety over work schedules interfered with their personal and family lives and nine in 10 saying they have delayed large spending decisions because of unstable work.

“There’s a real sense of urgency and if we don’t bring all hands on deck we could have a huge problem,” Alyssa Lai, 28, a communications professional who says she has had seven different bosses in the six years since she graduated.

“The peers that I have in their late 20s, in their 30s, they are a really educated bunch,” she added. “It doesn’t translate to security or benefits or stability and I think that’s the frustrating thing that I’m hearing from my peers.”

Previous research done by United Way and McMaster found that in the GTA, around half of all workers are in precarious jobs.

Job security also had implications for young people’s vulnerability on the job, the latest report found: one in five of those in precarious work said they were not always paid in full for work they did — making them almost 10 times more likely to get short-changed than those in secure jobs.

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According to the study, precarious young workers are more likely to struggle financially, with eight in 10 earning less than $40,000 a year. Around 36 per cent reported finding it difficult to cover basic living expenses, with six in 10 expressing concern about meeting debt obligations over the next 12 months. One quarter reported having no savings.

That, the report notes, is exacerbated by high post-student debt carried by Canadians under 30, which has doubled since 1999 and become a “defining feature” of millennial life.

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Lai said she was still optimistic about young people’s future because millennials have a “networked approach when it comes to tackling big ideas.”

“The Generation Effect’s findings suggest that while all is not complete doom and gloom for the millennial generation, the overall outlook is not encouraging for many,” the report says.

“The economic reality for this generation is one of financial challenge and insecurity, an extended reliance on family, far higher tuition fees and post-student debt, and increasing income inequality.”