Washington, D.C. – Ernst & Young LLP (EY) released the results of a survey of millennials across the country, highlighting how the generation has defined itself a decade after the Great Recession. The results reveal that while millennials are progressing more quickly than they were just a few years ago, they are still risk averse – delaying home ownership, marriage and new business endeavors – and uncertain about their economic future as they manage high levels of student debt and costs of living.
In 2016, an EY and Economic Innovation Group (EIG) survey found a general lack of optimism among millennials. The results painted a complex picture of this generation, marked by low economic confidence and uncertainty about the future. Two years later, millennials have made significant strides, graduating from college, finding full-time jobs, buying houses and settling down at higher rates than millennials at the same age in 2016. But despite these milestones, they continue to fall behind previous generations.
Key Stats:
-While millennials are having children and buying homes, it is at a markedly decreased rate than past generations.
-The Great Recession has had a lasting impact on millennials, significantly altering their outlook on financial security and the future.
-Deflating the popular narrative, millennials remain hardworking and career-focused, gravitating toward companies that offer good health insurance and other benefits.
-As a generation racked by student loans, millennials feel the weight of their debt when deciding whether or not to buy a home or start their own business.
-Despite being hesitant to start their own companies, millennials believe that their generation as a whole is more entrepreneurial than the other generations.
-Although millennials remain wary of the establishment and American institutions, they continue to show strong patriotism and support for America itself.
-Across party lines, millennials think the burden of the US tax system is not balanced, even after the Tax Cuts and Jobs Act.
Research Now conducted the survey on behalf EY of 1,202 20- to 36-year-old US residents nationwide. Of those respondents, 842 were contacted online, and 360 were contacted via cellphone. Survey participants were contacted between June 27 through July 13, 2018.
