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Kim Butler
President

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX



BIOGRAPHY:
I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

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Millennials Have Major Trust Issues: Study

A new study finds that Millennials, a generation with a “future’s so bright, I gotta wear shades” mentality regarding their own prospects, are less trusting and more skeptical about the country’s institutions than their Gen X cohorts were 20 years ago.

| BY Donald Liebenson

Are Millennials taking to heart the 1960s Baby Boomer maxim, "Don't trust anyone over 30?"

A new study finds that Millennials, a generation with a “future’s so bright, I gotta wear shades” mentality regarding their own prospects, are less trusting and more skeptical about the country’s institutions than their Gen X cohorts were 20 years ago.

The study, to be published this month in the online edition of Psychological Science, finds that Millennials’ approval of Congress, the news media, corporations and educational institutions dropped more sharply than other generations in the decade that followed the Sept. 11 terrorist attacks.

Millennials came of age during the Great Recession, mass shootings, and intensified racial tensions and government gridlock. The study suggests that the study results are more a product of current events than a reflection of the Millennial generation itself. A recent Gallup poll further indicates that eroding trust is not just a Millennial thing. The June poll found Americans’ trust in the U.S. Supreme Court, the presidency and, especially Congress, has dwindled. Only 7 percent said they had a “great deal/quite a lot” of confidence in Congress, down from 13 percent in 2012. In comparison, 29 percent said they had this level of confidence in the presidency (down from 37 percent two years ago).

But the perceived lack of trust shows a downward trend across generations, the Psychological Science study finds. In the mid-1970s, among Baby Boomer high school-seniors, about one-third agreed that “most people can be trusted. Two decades later, that percentage dropped to 18 percent for Gen Xers. It further dipped in 2012 to 16 percent of Millennials.

In 2000-2002, a majority of high school seniors approved of the how large corporations were doing their jobs. A decade later, that dropped to 33 percent. Similarly, in 2000-2002, roughly half (49 percent) of high school seniors said Congress was doing a “good” or “very good” job, compared with 22 percent who shared that opinion in 2010-2012.

When it comes to their own financial situation, Millennials are more sanguine. A 2014 Spectrem’s Millionaire Corner wealth level study of Millionaire households with a net worth up to $4.9 (including primary residence) found that Millennials indeed are more confident about their present and future financial situations. Nearly 80 percent said they expect their personal financial situation to be stronger in a year compared with 59 percent of Baby Boomers ages 55-64. This despite that they were less likely to report that their financial situation today is better than it was a year ago (45 percent vs. 69 percent of Gen Xers).



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

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.