Is 2017 the year of the Millennial blues?
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Is 2017 the year of the Millennial blues?

According to most polls taken, the Millennial generation is the most positive generation on the planet right now. Or at least, it used to be. Insurance and Investment firm Country Financial Group, conducted an annual financial security index in the days following the American election, and found that usually cheery Millennials are down in the dumps.

The survey showed that 18-34 year olds were the only generation to predict an economic downturn in 2017. This might not strike you as a positive fact, but the upside, of course, is that every other generation polled was optimistic for the New Year (hey – 3 out of 4 ain’t bad, right?).

New Year, Worse You?
Millenials were the only generation to predict economic downturn for the U.S. in 2017

SOURCE: Bloomberg

It’s also true that the survey may be unreliable when it comes to Millennials due to bad timing. That generation overwhelmingly supported Hillary Clinton for President, and in the days after her loss, there’s good reason to believe that Millennials were just in a bad mood – that mood could well have lifted by now.

Amongst the people polled, it was the older respondents who felt most strongly that 2017 would bring great things. Over-65s were hugely positive; over-50s, relatively so.

However, timing or otherwise, the survey also demonstrated that Millennials have long term concerns about their lot in life, with around 33% of them worrying that they’ll never have enough money to retire, 29% feeling unsure about being able to pay off their debts, and about 50% saying they hadn’t set any money aside in savings or investments. 

The opinions in this article do not reflect those of Dominion Fund Management Limited, and in the instance of any forward-looking statements, these should not be construed as advice.

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