ANN ARBOR, Mich.–For the first time, Americans younger than 35 have less consumer confidence than those age 55 and older, according to a new study.
The findings could have implications for credit unions and their messaging, as Millennials are less optimistic than the Baby Boomers who proceeded them.
The findings from the University of Michigan, Haver Analytics and Deutsche Bank Global Research study mark the first time in the last six decades that a younger generation has shown such pessimism.
Among the reasons cited for the lower confidence by Millennials are the $1.4-trillion in student debt held by the generation and rising home prices (and the necessary downpayments).
It isn’t just younger Americans who are seeing more cloud than silver lining ahead. A 2017 Pew Research Center study found just 37% of Americans believe that today’s children will grow up to be better off financially than their parents. That study found 49% of 18- to 29-year-olds believed the next generation will be worse off, while 61% of Americans aged 50 and over believe the next generation will be worse off.
Pew also found that for the first time in 130 years, American adults aged 18 to 34 were more likely to live with their parents than with a spouse or partner in their own household.