Survey: 9 in 10 Young Americans Are Feeling Impact of Poor Economy

By Warren S. Hersch

August 23, 2012 at 10:01 AM

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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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