Vast Majority of Millennials Think They Have it Harder Than All Other Generations
The recent attention – both positive and negative – being paid to millennials has led to a debate over which generation has actually had it the worst. The answer typically varies depending on who you ask. GOBankingRates decided to ask millennials (aged 23-38) which generation they believe has had to navigate the most obstacles on their path to the American dream and their answer was overwhelmingly, you guessed it, millennials.
GOBankingRates surveyed 995 millennials and asked them a total of 15 questions to gauge how much more or less difficult they believe life is for their generation compared with other age groups.
Nearly 70 percent of respondents said the financial impediments they face are as bad or worse than any other generation.
Roughly two-thirds of millennials polled either “agreed” or “strongly agreed” that they have it worse than any other past generations. 21 percent were neutral on the question.
Most of the debate and criticism of millennials centers around the belief that they have been coddled more than any other generation, therefore they feel like more is owed to them. Whether that criticism is valid or not, the results of the survey clearly highlight the stark contrast between how millennials view themselves in comparison to the aforementioned criticism.
When millennials were asked which one of the following generations has faced or is currently facing the worst economic environment in the U.S.?
- 49.2 percent said millennials
- 29.3 percent said the Silent Generation
Meaning, nearly half of millennials believe they’re facing a worse economic climate than the generation who lived through the Great Depression.
Other interesting data compiled from this survey:
- 62 percent of millennials believe their generation will have a harder time achieving the American Dream than their predecessors.
- 63 percent feel millennials will be saddled with more debt than other generations.
- 70 percent of millennials believe they have a tougher time affording a college education.
- 54 percent believe millennials face a tougher job market than other generations.
- Almost 60 percent of respondents think millennials will have the toughest time retiring when they want.
- When asked if they own or rent their home, a quarter of the respondents said they live with their parents or friends rent free.
The results of the survey leave little doubt that millennials believe their generation has it tougher than any other. But are they right? The answers and a complete breakdown of the survey can be found at: https://www.gobankingrates.com/saving-money/savings-advice/do-millennials-have-worse-other-generations/.