Filed Under:Markets, Gen X Y

Survey: 9 in 10 Young Americans Are Feeling Impact of Poor Economy

Photo credit: Michal Marcol
Photo credit: Michal Marcol

Nearly nine in 10 young adults say the poor economy impacts their daily life, according to a new survey.

Generation Opportunity, Arlington, Va., a non-partisan, non-profit organization that engages and mobilizes young Americans on important economic issues facing the nation, released this finding in a new poll of young people known as Millennials. The polling company, Inc./WomanTrend, conducted the nationwide online survey of 1,003 American adults, ages 18-29, in July.

Among the report’s key findings:

● 89% of young people ages 18-29 say the current state of the economy is impacting their day-to-day lives.

● 51% reduced their entertainment budget;

● 43% reduced their grocery/food budget;

● 43% cut back on gifts for friends and family;

● 40% skipped a vacation;

● 38% have driven less;

● 36% have taken active steps to reduce home energy costs;

● 32% tried to find an additional job;

● 27% sold personal items or property (cars, electronic appliances, or other possessions);

● 26% changed their living situation (moved in with family, taken extra roommates, downgraded apartment or home);

● 17% skipped a wedding, family reunion, or other significant social event;

● 1% other;

The survey also found that:

● 84% of young people ages 18-29 had planned to, but now might delay or not make, a major life change or move forward on a major purchase due to the current state of the economy.

● 38% - Buy their own place;

● 32% - Go back to school/getting more education or training;

● 31% - Start a family;

● 27% - Change jobs/cities;

● 26% - Pay off student loans or other debt;

● 25% - Save for retirement; and

● 23% - Get married.

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