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Millennials hit hard by economy, don’t like Obama as much

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May 18, 2010

Here’s something we haven’t heard before – Millennials are concerned for their future. This is breaking news from the latest survey released by The Allstate Corporation and National Journal.

I’m kidding – who hasn’t been hit hard and left frazzled from the economy? And we certainly know that Millennials – those ages 18 to 29 – are paying attention to and thinking about their future.

Sponsored by The Allstate Corporation and National Journal, the fifth Heartland Monitor Poll explored the concerns of 92 million members of the Millennial generation in April and all joking aside, they offer some interesting insights about the youngest working generation.

“The economy may show signs of recovery, but American confidence is not,” said Thomas J. Wilson, Allstate chairman, president and chief executive officer. “While most Millennials have been able to make ends meet, they are having a hard time managing debt and saving for the future.”

According to the survey, Millennials experience their own financial hurdles – with 39 percent still regularly receiving support from parents or other relatives to meet their ordinary living expenses and 33 percent currently living with relatives. Only 16 percent say they can live comfortably and save an adequate amount, and 32 percent say they “find it hard to make ends meet every month.”

As a side note, Millennials carry an average personal debt burden of $21,900, while the federal deficit approaches $13 trillion.

The survey also measured how Millennials are feeling about President Obama – who carried 66 percent of the Millennial vote in 2008. Now, not surprisingly, that enthusiasm has waned. In the poll, Obama’s job approval rating among Millennials stands at 56 percent, with 46 percent saying they would vote to re-elect him.

Millennials, according to the survey, seek stability in employment and their finances. Fifty-five percent say their goal is long-term employment with a single employer, and almost half express interest in long term employment of large companies, government, education and the military. And their number one workplace priority? Job security was ranked slightly ahead of high pay.

The survey also found that if Millennials had extra cash to invest, they would prefer to save the money in a bank or pay down debt over buying a home or investing in the stock market.

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