Ah, 2017. Sweet relief from the turbulent 365 days prior, which was marked by a contentious election, a surprise European Union departure and countless celebrity deaths. Or not. While the new year marks a fresh start for many, millennials aren’t so optimistic. In fact, this generation is the only one to say they’re feeling worse, financially, about 2017 than 2016.
In the days following the election, Country Financial Group, an insurance and investment firm, conducted its annual financial security index and found that the score was lowest for millennials, defined as those between 18 and 34 years old, at 60.9 (the highest score is 100). To determine its score, used a survey that asked over 1,000 Americans questions about their financial stability, like whether they had savings, or if their assets were adequately assured. Independent research firm GfK collected the data. Generation X-ers, (people aged 35 to 49), had a score of 66.6. Boomers (between the ages of 50 to 64) came in at 69.2. The Silent Generation, defined as those over age of 65, had the highest score at 71.2.
Asked about economic outlook, millennials were the only generation to predict 2017 would be worse than 2016. Generation X wasn’t too optimistic, with 34 percent of those polled saying this year would be better than the last, compared to 31 who felt the opposite. Boomers and the Silent Generation felt most strongly that 2017 would be better for the American economy than 2016.
The feeling of impending doom wasn’t exclusively reserved for 2017: about a third of millennials surveyed said they don’t think they’ll have enough money to comfortably retire at all. About half of millennials said they hadn’t set any money aside, be that in investments or savings accounts, and 29 percent of this generation felt unsure about being able to pay off their debts.
Given that the poll was conducted in the days following the election and millennials overwhelmingly supported the losing candidate, these survey results might be swayed by some election-related depression. On the bright side, or not, everything might stay exactly the same this year.
This article was written by Polly Mosendz from Bloomberg and was legally licensed through the NewsCred publisher network.