Millennials Downsizing their Dreams
Posted On August 18, 2011
Millennials, already prone to delay milestones like careers and marriage, are putting them off even further as pessimism about their economic outlook causes them to downsize their expectations. A recent Los Angeles Times analysis of recent surveys depicts a “Generation Vexed” who, in their words, now plan to “take smaller steps” and who are resigned to the fact that “you can’t reach for the stars right now.”
For the first time in three decades, Gallup shows that fewer than half of Americans believe the next generation will have a better life. As a result, according to a Generation Opportunity poll, nearly three quarters of Millennials plan to delay a major life change because of economic factors.
The “Great Recession” has affected Millennials in many ways. Many have seen their parents lose jobs and savings. More directly, unemployment among the youngest segment of working Millennials has risen 70% over the course of the recession and continues at historically high levels. According the Times, many are reconsidering educational plans as advanced degrees no longer lead directly to jobs. Others are planning to avoid traditional investments, like stocks, that let their parents down. And some are simply resigning themselves to a life with less. “I think it’ll be harder for us to buy homes or apartments or cars — those big life purchases — down the line,” said one.