EY (Ernst &Young) and EIG (Economic Innovation Group) have recently published the results of their national survey of Millennials, dubbed the "The Millennial Economy" to poll their economic views on a personal, local, and national level, as well as their economic values following the Great Recession.
Public Opinion Strategies and GBA Strategies conducted a national survey on behalf of EY and EIG, polling 1,200 18-34 year olds, conducted June 15-20, with a margin of error of + 2.83%.
“Millennials are the future of the U.S. economy, and this survey helps answer the question of how businesses and policymakers can help this generation thrive,” stated Cathy Koch, EY Americas tax policy leader. “Millennials will soon be leading our economy, and their perspectives suggest certain policies and approaches that today’s leaders can embrace to address their unique needs.”
“The Millennial mindset was dramatically impacted by the harsh economic realities of the Great Recession, which has made them remarkably politically independent, economically pessimistic, and skeptical of traditional institutions,” said EIG cofounder and executive director Steve Glickman, per a statement. “What the establishment doesn’t understand is that in their minds, Millennials did all of the right things – they worked hard, got their education — but they incurred huge amounts of debt and the job market they inherited hasn’t rewarded any of these sacrifices. Now they are deeply concerned about their future.”
The survey reveals that a significant number of Millennials are concerned about debt and their personal wealth, with nearly 80% concerned about retaining a "good-paying job" and saving enough for retirement.
Similarly, over half of respondents claimed they were either "not making enough" or "just enough" of a wage to cover their expenses.
Other survey highlights include:
- 54 percent of Millennials believe their standard of living will not be better than their parents’.
- Approximately two-thirds of Millennials believe a great education is important to get ahead in life, but only 49 percent personally believe the benefits of higher education will be worth the cost.
- 43 percent believe that student debt has limited career options.
- 6 percent of Millennials feel they are making "a lot more" than necessary to cover basic needs, with the same figure only 3 percent amongst Millennial women.
- 62 percent have considered starting their own business, and 55 percent believe their generation is more entrepreneurial than prior ones.
- 25 percent of 18-21 year olds feel they pay too much in taxes (39 percent amongst ages 30-34).
- 71 percent of Millennials believe taking risks and failing are important, but 44 percent believe the best way to advance their career is to climb the corporate ladder.
For the full survey results, head to EIG's site here.