Young Americans ‘Paying the Price’ for Poor Economy

Politicians on both sides of the aisle might heed a new survey showing that nine in 10 young adults say the poor economy negatively impacts their life, and just 38 percent believe today’s leaders represent their interests.

Why pay attention? Because the poll by Generation Opportunity also disclosed that 76 percent of Americans ages 18 to 29 plan to vote in the presidential election.

“These numbers should put elected leaders on notice. What you see is a very pointed story of the impact the failed policies coming out of the White House over the course of the last three years are having on the daily lives and the long-term plans of young Americans,” said Paul T. Conway, president of Generation Opportunity and former chief of staff of the U.S. Department of Labor.

“Frankly, it is not a pretty picture — millions of young Americans are paying the price, in a very personal way, for failed leadership and failed policies.

“Millennials are savvy. They know national policies have personal impact — they feel it first-hand. So it is no surprise that so few believe their interests are being represented in Washington, and it is no surprise that they plan to make their voices heard this November.”

In the poll of more than 1,000 young adults conducted at the end of July, 89 percent of respondents said the poor economy is negatively impacting their life.

Among those impacted young people, 51 percent reduced their entertainment budget, 40 percent skipped a vacation, 38 percent drove less, 27 percent sold personal property including electronic appliances and cars, 17 percent skipped a wedding, family reunion, or other significant social event, and 26 percent moved in with their family, took extra roommates, or moved to a “downgraded” house or apartment.

The survey also revealed that 84 percent of respondents had planned to make a major life change but now might delay or not make it at all due to the current economy.

Among the changes cited: buying their own place (38 percent will not make the change), starting a family (31 percent), paying off student loans or other debt (26 percent), saving for retirement (25 percent), and getting married (23 percent).

Generation Opportunity is a nonpartisan organization that seeks to engage and mobilize young Americans on the important issues facing the nation.