New study shows recession worrying Millennials
From St. Norbert College, October 12, 2012
by Mike Counter, email@example.com, 920-403-3089
The Measure of Millennials--a newly-release study from the iOme Challenge-- reveals
that 58% of the Millennial generation is very concerned about its financial situation;
that's up 12 points from last year.
"Unemployment has hit the young very hard," said David Wegge of the Strategic
Research Institute at St. Norbert College. "Unemployment is much higher among
Millennials and not having a job naturally has a direct impact on personal finance.
The Great Recession is indeed taking its toll on Millennials."
According to the Bureau of Labor Statistics, unemployment is 22.7% for 18-19 year
olds and 13.9% for 20-24 year-olds. In addition to the 58% of Millennials who are
very concerned about their personal financial situation, 23% are moderately
concerned, and 12% are somewhat concerned. Five percent were not at all
concerned, and the rest were not sure.
More Millennials say they are worse off this year than they were last year, yet they
remain optimistic about next year: 48% say they will be better off next year (12%
say worse off).
While Millennials have become more concerned about their personal financial
situation, their concern about the financial situation of their country remains
unchanged from last year's iOme Challenge study: 45% are still very concerned;
30% are moderately concerned; and 17% are somewhat concerned.
Most Millennials have some level of confidence that Washington will be able to solve
the country's financial problems, but 33% are not at all Confident and 10% are not
sure. Sixty percent have some degree of confidence in the Democrats in Congress to
solve the problems; 26% are not at all confident, and 16% are not sure. Confidence
in the Republicans is weaker.
In the upcoming presidential election President Obama receives substantial support
among Millennials with 55% of likely Millennial voters saying they would vote for
Obama; 37% would vote for Romney. Eight percent say they would vote for someone
Adi Redzic is a Millennial; he's also managing director of the iOme Challenge -- a
national organization that engages young people to think about their future finances.
"In our study, Millennials are expressing their concern for the future," Redzic said.
"Compared to last year, Millennials are much more concerned about their finances and
this trend isn't good."
Even though Millennials said they're confident they'll be better off next year, their
minimal impact in Washington and low levels of trust make it hard to maintain that
optimism. "It's sort of a vicious cycle," Redzic said. "The more we feel our impact is
minimal, the lower our trust goes -- and the trend continues. Fortunately, we seem to
continue to maintain our hopefulness for the future and the willingness to work hard
to make things happen we have to."
An executive summary of the results of the "Measure of Millennials" survey can be
found at: http://iomechallenge.org/home/.
Media: David Wegge, Chair, iOme Challenge and Executive Director of the Strategic
Research Institute at St. Norbert College, is available for interviews upon request.
Contact Wegge at 920-403-3080 or firstname.lastname@example.org