A new survey by Ernst & Young and Economic Innovation Group (EIG) found millennials are “convinced the economy is failing them,” and are “very uncertain” about the future.
The survey defined millennials as those born in the 1980s or later. Here are some of the results:
On starting a business
Millennials are in fact the least entrepreneurial generation in recent history, according to a Small Business Administration report. And this latest survey indicates millennials are unlikely to be entrepreneurial because of the economy.
The survey found biggest obstacle keeping Millennials from starting their own business is money:
- 42 percent of Millennials lament that they don’t have the financial means to start a business.
- Across demographics, white men are least concerned with finance, with only 40 percent citing it as the biggest obstacle compared to 53 percent for black women and 59 percent for Hispanic women.
Millennials are the most educated generation in U.S. history on aggregate. But student loans and a weak job market continue to work against those eager to start their careers.
Student loans are on the rise — big time! Between 2004 and 2014, there was an 89% increase in the number of student borrowers, and the average balance per borrower grew by 77%. But after taking increasing levels of debt, many don’t believe the cost is worth the reward.
The survey observed these statistics:
- Two-thirds of Millennials believe that having a great education is important to getting ahead in life.
- But less than half (49 percent) believe that, personally, the benefits of a college education will be worth the cost.
Millennials are pretty split on paying taxes, but trends are similar to previous generations. If you make more money, you believe you are being over taxed. Older and higher income millennials are much more likely to feel they pay too much in income taxes compared to younger and lower income ones.
Here’s the breakdown according to the survey:
- 51% of Millennials believe that the Middle Class pays too much in taxes.
- 56% believe that lower income Americans pay too much in taxes.
- 70% believe that the wealthy pay too little in taxes.
“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.” said Steve Glickman, EIG co-founder and executive director.
The survey indicates millennials are often forced into low paying jobs out of college and are pessimistic about the future.
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