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.