Today, Ernst & Young LLP (EY) released the results of a survey of Millennials across the country, highlighting how the generation has defined itself a decade after the Great Recession. The results reveal that while Millennials are progressing more quickly than they were just a few years ago, they are still risk averse – delaying homeownership, marriage, and new business endeavors – and uncertain about their economic future as they manage high levels of student debt and costs of living.
In 2016, an EY and Economic Innovation Group (EIG) survey found a general lack of optimism among Millennials. The results painted a complex picture of this generation, marked by low economic confidence and uncertainty about the future. Two years later, Millennials have made significant strides, graduating from college, finding full-time jobs, buying houses and settling down at higher rates than Millennials at the same age in 2016. But despite these milestones, they continue to fall behind previous generations.
“Millennials are willing to put in the hard work to advance their careers, and they see themselves as their own best resource to get ahead,” said Marna Ricker, EY Americas Vice Chair of Tax Services. “Our poll shows that nearly 60 percent of Millennials have lofty aspirations of starting their own businesses, but often don’t have the financial capital to do so. It’s time we look forward and focus on nurturing Millennials to become our nation’s next generation of business leaders.”
“As we near the end of the first full year under the Tax Cuts and Jobs Act (TCJA), EY’s survey provides businesses and lawmakers with valuable insight into how Millennials view the U.S. economy and government policies. Across party lines, Millennials remain wary about a tax system that they perceive as unfair, and the TCJA did not change that view,” said Cathy Koch, EY Americas Tax Policy Leader. “It will be interesting to see how this perception affects political debate and future policies as Millennials become policymakers in the coming decades.”
While Millennials are having children and buying homes, it is at a markedly decreased rate than past generations.
The Great Recession has had a lasting impact on Millennials, significantly altering their outlook on financial security and the future.
Deflating the popular narrative, Millennials remain hardworking and career-focused, gravitating toward companies that offer good health insurance and other benefits.
As a generation racked by student loans, Millennials feel the weight of their debt when deciding whether or not to buy a home or start their own business.
Despite being hesitant to start their own companies, Millennials believe that their generation as a whole is more entrepreneurial than the other generations.
Although Millennials remain wary of the establishment and American institutions, they continue to show strong patriotism and support for America itself.
Across party lines, Millennials think the burden of the US tax system is not balanced, even after the Tax Cuts and Jobs Act.
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