Survey: 9 in 10 young Americans are feeling impact of poor economyNews added by National Underwriter on August 24, 2012
National Underwriter

National Underwriter

Joined: April 22, 2011

By Warren S. Hersch

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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