More than three-quarters plan to vote in November
Nearly nine-in ten Millennials say that the prolonged economic downturn is impacting their daily lives, according to a new survey by Generation Opportunity, a self-described non-profit and non-partisan organization “engaging and mobilizing young Americans on the important economic issues facing the nation.”
What measures have Millennials—those between 18-29-years old—taken as a result of the stagnant economy and a job market that finds more than half of 2012 college graduates either unemployed or underemployed? According to the survey:
- 51 percent reduced their entertainment budget
- 43 percent reduced their grocery/food budget
- 43 percent cut back on gifts for friends and family
- 40 percent skipped a vacation
- 38 percent have cut back on driving
- 36 percent have taken active steps to reduce home energy costs
- 32 percent have tried to find an additional job
The economy has also compelled 84 percent of Millennials to delay or rethink entirely making a large purchase or major life change:
- 38 percent are putting off buying their own home
- 32 percent are delaying returning to school or getting more education or training
- 31 percent are putting off starting a family
- 27 percent are postponing changing jobs or cities
- 26 percent are delaying paying off student loans or other debt
- 25 percent say they are not saving for retirement
- 23 percent are postponing marriage
This year, an estimated three of every five of the 95 Millennials will be eligible to vote. By 2020, they will represent one of every three adults, according to Morely Winograd and Michael D. Hais, authors of Millennial Momentum: How a New Generation is Remaking America. This demographic already played a key role in the last presidential election. As a time when the unemployment rate for Millennials is 12.7 percent, are they disillusioned enough to stay home on election day? The Generation Opportunity survey found that just over three-quarters of Millennials (76 percent) plan to vote in November.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.