Economy Impacting Millennials On All Levels (752 hits)
According to numbers released by the U.S. Census Bureau today, more people between the ages of 18 and 29 — otherwise known as Millennials — are living with their parents than before the recession started in 2007. And other experts say research shows the economy is also affecting them on other levels — such as causing them to delay major life decisions and changing their political views. Approximately 19 percent of men between the ages of 25 and 34 are now living with their parents, according to the Census Bureau, as are 10 percent of women in the same age bracket — up from 14 and 8 percent, respectively, in 2005. Among 18- to 24-year-olds, 59 percent of men and 50 percent of women also are living with their parents.
As a result, 77 percent of Millennials say they will put off getting married, having kids, buying their own homes and starting to save for retirement, according to a survey of 600 young people released earlier this year by Generation Opportunity, a five-month-old nonprofit organization based in Washington, D.C. While those statistics sound depressing, Generation Opportunity President Paul Conway — former chief of staff for the head of the U.S. Department of Labor — says Millennials, by and large, aren’t depressed. “There’s tremendous optimism about their own ability to make a difference in the course of the country and other people’s lives,” he noted. “Where the frustration rests is in the lack of opportunity and lack of jobs. That’s why we think it’s important for elected officials to listen closely to what they’re saying — not just about creating jobs, but the long-term terrain they’re shaping for their lives.
“We’ve also been on the ground across 15 states, at over 120 pretty sizeable events. What you see is like this welled-up sense of ‘We just have to break through,’” he added. “’There’s so much great technology and information and knowledge that can be translated into business and opportunity. Allow those of us who have the courage to take the initiative, and step back. Let the free market do what it does best.’ It’s palpable. While Millennials don’t generally hew to any particular political party, Generation Opportunity’s research revealed that their core economic values are fairly conservative: 76 percent said they favor decreasing government spending over increasing taxes to reduce balance the national budget. And 61 percent said a candidate’s record on the issues will matter far more than his or her likeability during next year’s presidential election.
“They’re very focused on results, and why not?” Conway said. “This is a generation that knows how to do things, and do them quickly. They just demand results, and it’s incumbent on leaders of both parties to know that a message doesn’t make up for what you don’t have in your wallet and bills you can’t pay.”
