Will Young People Be Better Off Financially Than Parents? - Page 3
Taking the percentages to their logical conclusion, 22 percent of young adults do think they will be better off than their parents, which is the only positive feedback from the poll. Thirty percent feel that they will do the same as their parents, certainly not besting them economically by rising to another class, say from lower middle class to middle class or from middle to upper middle class; the result was there would be no difference. And even that might be a stretch if their parents own their own homes and have no mortgages or debt overloads.
Clearly, based on the "State of Young America poll," young adults’ perceptions about their own futures seem grimmer than ever. This most likely explains why they are taking longer and longer to get married, have children, and purchase homes, despite the incentives of lower housing prices and low mortgage rates.
The widening economic divide is not only between rich young people and lower to middle class young adults. According to another study by Pew Research, the wealth gap between America's young and old is at its greatest. If their parents are under the same economic pressures as their children and cannot do for them, perhaps their grandparents' generation can lend a helping hand. Living longer, older Americans have been able to accumulate more assets; and they are less likely to have been caught up in the consumerism of the young, and the indulgences of the previous two generations.
This might be something younger Americans might want to remember, regarding their older relatives, grandaunts, granduncles, grandparents. The generation gap between the elderly and the young might have been overemphasized for too long. Now because of the hazards in America's economic waters, it might be a good time to bring the generations together to help one another steer through the potentially rough seas ahead.