CNBC and Generation Lab’s “Youth & Money in the USA” survey highlights young Americans’ views on student debt, politics, work from home status, artificial intelligence, the stock market and the impact of the current state of the economy
ENGLEWOOD CLIFFS, N.J., November 7, 2023 — Exactly one year before the 2024 election, CNBC, First in Business Worldwide, and Generation Lab today announced the results of the “Youth & Money in the USA” survey that sheds a light on where young Americans stand on key economic and financial issues affecting them.
The survey, which polled over 1,000 Americans between the ages of 18 and 34, reveals what is top mind for young Americans and how they are preparing for the future financially. More than half (63%) of young Americans believe in building wealth through the stock market and two top stressors affecting young Americans financially are inflation and mortgage prices. Fifty percent of young Americans say inflation is “very negatively” affecting their financial well-being while thirty-nine percent say the same for mortgage prices. Even though the majority of young adults do not currently own a home (86%), more than half (55%) say it is much harder to purchase a home now compared to when their parents started out in the job market and fifty-one percent say mortgage and interest rates impact their decision to buy a home.
The CNBC|Generation Lab survey also finds that young employees are value-based actors with almost all (85%) saying it’s “quite” or “extremely important” to work for a company that aligns with their personal values and more than half (63%) saying they feel “quite” or “extremely loyal” to their employer. If they are faced with a 100% back-to-office mandate, most of them (78%) would “probably” or “definitely” accept the conditions and a third of them are already in-person 5 or more days a week.
Generation Lab uses different kinds of electronic communications to reach their sample and measure the attitudes and behaviors of the American youth.
Additional findings from the CNBC|Generation Lab “Youth & Money in the USA” survey include:
Other issues affecting young American’s future financial well-being:
- In addition to the impact of inflation and mortgage prices on young Americans, thirty-six percent say health care costs are “very negatively” impacting them.
- Following health care costs are increasing economic inequality (33%), stagnant wages (32%), student loan debt (31%) and effects on climate change (28%) all negatively impacting young Americans.
- A key issue that is affecting them in a positive way is artificial intelligence in the workplace with twenty percent of young adults saying it is impacting their work “somewhat positively” and forty percent saying AI “helps a bit.”
Young adults’ top choices for President to boost the U.S. economy:
- Almost half (42%) of young adults listed Michelle Obama in their top two for President to boost the overall American economy.
- Thirty-seven percent of young adults listed Donald Trump in their top two choices.
- Joe Biden & Kamala Harris are tied at twenty-five percent.
- Sixteen percent of young adults listed Robert Kennedy Jr. in their top two choices.
- Twelve percent of young adults listed Ron DeSantis in their top two choices.
Notable companies that young Americans favor:
- Amazon
- Apple
- Target
- Walmart
The results of the CNBC|Generation Lab “Youth & Money in the USA” survey will be revealed today, Tuesday, November 7 throughout the network’s Business Day programming. For more information on the survey including the full results and methodology as well as a link to the interview on “Squawk Box” with Generation Lab Founder, Cyrus Beschloss, go to: https://www.generationlab.org/cnbc-landing and https://www.cnbc.com/video/2023/11/07/inflation-and-climate-change-are-two-biggest-issues-facing-young-people-says-generation-lab-founder.html.
Methodology:
CNBC|Generation Lab’s “Youth & Money in the USA” study was conducted in October 25-30, 2023 from a representative sample of 1039 people aged 18-34 nationwide. The margin of error is +/- 3.0 percentage points. The Generation Lab conducts polling using a demographically representative sample frame of young people aged 18-34 nationwide.
