Study released shows Generation Y is very concerned about their financial future

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From , September 15, 2011
by Mike Counter, mike.counter@snc.edu, 920-403-3089

"iOMe Measure of Millennials," a new study released today by the iOMe Challenge, shows a generation of young people struggling to chart their course.

The study of 642 18-29 year olds across the U.S. indicates that 46% of the Generation Y is "very concerned" about the financial situation in the U.S. as well as their own personal financial future. Only 6% are "very confident" that political leaders in Washington can actually solve U.S. financial problems with 46% saying they are "not at all confident."

There is no clear consensus about who they trust to handle economic problems, but only 22 percent say they trust President Obama--for whom they overwhelmingly voted in the 2008 presidential election.

These results show significant angst among younger generations that have generally been filled with hope and optimism about their future. Forty-six percent of the Millennials said they were "Very Concerned" about U.S. finances, even though most were not following the rancorous debt-limit debate: only 18 percent did; and only 27 percent said they knew how their members of Congress voted on raising the debt-ceiling limit.

Forty percent of the Millennials report that they voted in the 2010 midterm elections, with 57 percent saying they will "Definitely" Vote in 2012.

The 2011 "iOMe Measure of Millennials" is designed to establish a benchmark for future national surveys of Millennials. The national study was conducted August 22-24, 2011 on behalf of the iOMe Challenge organization by the St. Norbert College Strategic Research Institute (http://www.snc.edu/sri/).

Additional survey results will be released over the next few weeks. Go to http://www.iOMeChallenge.org for an Executive Summary of these results as well as for more information on the 2011 iOMe Challenge.

The iOMe Challenge organization was formed by a group of concerned citizens, business leaders and academicians to engage and challenge young people to begin thinking about their financial future. Sponsors of the iOMe Challenge include: PAi, Sage, American Society of Pension Professionals & Actuaries, the National Association of Government Defined Administrators and St. Norbert College.