Generation Next Squeezed By Recession, But Most See Better Times Ahead

Report Read time:
Generation Next Squeezed By Recession, But Most See Better Times Ahead

While the current economic downturn has affected all Americans, the impact is falling quite heavily on young people. A larger share of those younger than age 30 say they have had trouble paying rent or mortgage or have faced job losses in their household than those ages 30 or older. On the plus side for young people, the downturn in the stock market had less effect on their retirement accounts, although young people are far less likely than older Americans to have money in the market.

Younger Americans have also found some unique ways to respond to the financial situation. Nearly four-in-ten people ages 18 to 29 say they have cut back spending on alcohol or cigarettes, and a third report having changed to a less expensive cell phone plan or cancelled their service altogether.

About one-in-five young adults (21%) say they have either moved in with a friend or relative or have had a friend or relative move in with them because of the recession. This is the case for fewer than 10% of people 30 and older.

While the economic downturn clearly affects younger Americans in some substantial ways, their overall outlook remains optimistic. Fully 76% of young adults believe their personal financial situation will improve over the course of the next year, compared with fewer than half of those ages 30 and older. Overall, 71% of adults say they are confident they will have enough income and assets to last throughout their retirement years, and this spans all age ranges. But adults under age 30 are more likely than those ages 30-64 to say they are very confident about getting through retirement with ease.

Read the full report Gen Next Squeezed By Recession, But Most See Better Times Ahead on the Pew Research Center's Web site.

America’s Overdose Crisis
America’s Overdose Crisis

America’s Overdose Crisis

Sign up for our five-email course explaining the overdose crisis in America, the state of treatment access, and ways to improve care

Sign up
Quick View
America’s Overdose Crisis

America’s Overdose Crisis

Sign up for our five-email course explaining the overdose crisis in America, the state of treatment access, and ways to improve care

Sign up

MORE FROM PEW

An aerial view of a vast wetland, with scattered vegetation visible on sandy islands. In Western Australia, a Conservation Model for the World
A presentation being given by a businesswoman to a group of participants at a business conference. Four Plan Features Can Boost 'Retirement Readiness'
A large group of people in formal or traditional attire stands together on a stage, with a digital background depicting marine life and the large text “WTO Agreement on Fisheries Subsidies.” WTO Needs to Redouble Its Effort on Fishing Subsidies
A man in a winter hat and sunglasses kneels on a rocky shoreline in front of a campfire, holding a metal mug with gloved hands. Behind him, in the water, a motorboat is moored to the shore. Cliffs rise on both sides of the water. Why Newfoundland’s South Coast Fjords Are Sacred
Composite image of modern city network communication concept

Learn the Basics of Broadband from Our Limited Series

Sign up for our four-week email course on Broadband Basics
Quick View

How does broadband internet reach our homes, phones, and tablets? What kind of infrastructure connects us all together? What are the major barriers to broadband access for American communities?

Pills illustration
Pills illustration

What Is Antibiotic Resistance—and How Can We Fight It?

Sign up for our four-week email series The Race Against Resistance.
Quick View
Pills illustration

Antibiotic-resistant bacteria, also known as “superbugs,” are a major threat to modern medicine. But how does resistance work, and what can we do to slow the spread? Read personal stories, expert accounts, and more for the answers to those questions in our four-week email series: Slowing Superbugs.