For the first time ever, young Americans are less optimistic than their parents
Source: MarketWatch
Consumer sentiment may have reached the highest level since 2004, but millennials are now less optimistic than baby boomers.
That’s the first time Americans younger than 35 say they actually have less consumer confidence than those aged 55 and over, according to data from the University of Michigan, Haver Analytics and Deutsche Bank Global Research. This hasn’t happened in the last six decades that the consumer sentiment of these two generations has been compared.
Millennials shoulder more student loan debt than any other generation and face house prices that are far higher than their parents did at their age. Student loan debt has reached $1.4 trillion as the cost of college has soared. And spending no more than 30% of their income on rent or a mortgage, a golden rule for decades, is near-impossible for many young Americans.
The fortunes of both generations are inextricably tied. Your parents’ income helps determine your future. Children raised in low-income American families will likely also have low incomes as adults, while children raised in high-income families can anticipate a much bigger jump in income, according to “Economic Mobility in the United States,” produced by researchers at Stanford University. It was funded by the Pew Charitable Trusts, a nonprofit public-policy organization.
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Read more: https://www.marketwatch.com/story/for-the-first-time-ever-young-americans-are-less-optimistic-than-their-parents-2018-04-02
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