CNBC and Generation Lab’s “Youth & Money in the USA” survey highlights young American’s views on the U.S. economy, inflation concerns, retirement plans, job status, the 2024 presidential election and more
ENGLEWOOD CLIFFS, N.J., February 6, 2024 — Exactly nine months from the 2024 election, CNBC, First in Business Worldwide, and Generation Lab today announced the results of the “Youth & Money in the USA” survey that reveals key economic and financial issues affecting young adults today.
The survey, which polled over 1,000 Americans between the ages of 18 and 34, examines how the current state of the economy is affecting them and their future financial planning.
- Almost half of young adults (41%) think the current state of the economy is “poor” while 38% percent regard it as “fair.”
- Over the course of the year, 39% think the economy will get worse while almost half of them (45%) think the economy will stay about the same.
- Forty-one percent say the economy is affecting their major life decisions about marriage and having a family “quite a bit” while exactly a quarter of them (25%) say a “huge amount” and 25% of them say “not much.”
- Even though there has been a recent drop in interest rates, more than half of young adults (55%) are not considering buying a home this year.
- Most young adults (61%) say they are not saving for retirement and 34% have a side hustle outside of a traditional job to earn more money.
- Two thirds, 66%, say they’re impacted either “somewhat” or “a great deal” by social media.
The upcoming presidential election is also top of mind for young Americans and the CNBC|Generation Lab survey finds that almost half of young adults (41%) say they are “almost certain to vote” while only 21% percent say they are “very likely to vote.” If the election were held today and the candidates were Joe Biden and Donald Trump, most young adults would vote for Joe Biden (31%) and 28% would vote for Donald Trump. Twenty-seven percent would vote for neither candidate and if those that would vote for neither had to choose today, almost half of them (46%) would vote for another candidate.
Generation Lab uses different kinds of electronic communications, computer and mobile devices, 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:
Issues that matter the most to young Americans when thinking about the 2024 presidential election:
- Most young adults (53%) say that cost of living matters the most.
- Almost half of young adults (41%) say that jobs and the economy matter the most.
- Other issues affecting them regarding the election include healthcare (31%), taxes and government spending (26%), student debt (25%) and abortion (22%).
Current savings and cost of living for young adults:
- More than half of young adults (53%) say they are better off keeping their money in a bank account or cash and only 22% say they are better off investing in the stock market.
- 48% of young Americans say they have one month or less of savings to cover costs if they had no other income.
- Most young adults (40%) say they are living with family and 27% say they are living with roommates.
Impact of inflation on young Americans:
- More than half (56%) of young adults notice inflation is affecting food the most.
- This greatly outweighs the other categories including 17% that say inflation is affecting rent the most, 12% that say discretionary items and 8% that say utilities.
- 53% of young Americans say cost is the biggest factor when choosing a meal.
- 52% of them say they eat out a few meals a week while only 9% say they eat out most meals.
The results of the CNBC|Generation Lab “Youth & Money in the USA” survey will be revealed today, Tuesday, February 6 throughout the network’s Business Day programming. For more information on the survey, go to CNBC.com: https://www.cnbc.com/2024/02/06/gen-z-millennials-are-grappling-with-high-cost-of-living.html. For the full results and methodology, go to: https://www.generationlab.org/cnbc-landing-2.
Methodology:
CNBC|Generation Lab’s “Youth & Money in the USA” study was conducted in January 21-31, 2024 from a representative sample of 1,013 people aged 18-34 nationwide. The margin of error is +/- 3.1 percentage points. The Generation Lab conducts polling using a demographically representative sample frame of young people aged 18-34 nationwide.
