The Pew Research Center recently released statistics on Generation Yers, also known as “Millenials.” This group of teens and twenty-somethings provided some interesting information to the researchers, especially regarding personal finance and money management.
Here are some of the survey’s findings:
37% are unemployed, but close to 90% say they have enough money or are close to meeting their long-term financial goals
In 2006, half of Gen Yers were employed. Three years later, only 40% said they were working in a full-time job.
Only 31% said they earn enough money to live the life they want, but 88% believe they will make enough money in the future.
More than a third of respondents said they rely on their parents for financial support.
13% of 22 to 29 year olds moved back in with their parents because of the recession.
55% stated they are watching their spending “very closely” because of the recession.
77% are concerned they aren’t saving enough.
So it seems that even facing the “great recession,” Millenials are more positive and optimistic about their financial future than their elders. In an overview of the study, the researchers described this demographic in five characteristics: “confident, self-expressive, liberal, upbeat, and open to change.” This definitely seems to fit the mold.
However, what is alarming is that more than two-thirds feel that they aren’t saving enough. And that employment rates for Millenials dropped 10% in three years. Having a healthy dose of optimism is important, but so is facing reality. Gen Yers are already dealing with student loans and credit card debt, and adding the economic recession into that mix could lead to consequential long-term effects.
If any Gen Yers are reading this, I would highly recommend to check out Ashley’s “frugal student” blog posts. She’s provided some great tips for people our age, like this one on how to create and stick to a budget, or this one on how to shrink your cell phone bill.
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