Generation Gap: Gen Y is the Most Optimistic for Economic Rebound
While hope for an economic rebound may be fading among consumers in general, Gen Y is the most likely to have a Pollyanna-like outlook for our future economy, generationally speaking:
Silent (born 1945 or earlier)
Boomers (born 1946 – 1964)
Gen X (born 1965 – 1982)
Gen Y (born 1983 – 1993)
According to the latest data from our Consumer Intentions & Actions® survey, more than one in three (36.7%) Gen Y youngsters have faith that the economy will bounce back to its pre-recession glory. Gen X isn’t too far behind at 35.8%, though Boomers (29.5%) and Silents (26.8%) are having a harder time embracing this outlook.
Interestingly, Gen Y-ers are also the ones most likely to view the future of the U.S. economy with a big ‘ole question mark (37.5%). Perhaps, though, this is because those on the younger end of this generation just didn’t fully experience the pre-recession economy as full-fledged “adults” [you know the full-time jobs, housing, debt, supporting a family…all those “fun” things]. Fewer of those in the Gen X (33.9%), Boomer (32.5%), and Silent (33.9%) generations express this uncertainty.
But who’s the Generational Grumpy Gus? Two in five (39.3%) Silents aren’t holding out hope for a rebound, while nearly as many Boomers (37.9%) feel the same way. Fewer than a third of Gen X-ers (30.3%) are taking a pessimistic standpoint, while just one in four (25.8%) of those in Gen Y share this sentiment.
Final thoughts? Speaking from a Gen X standpoint, let’s all hope the economy at least recovers to a point where we’re not waxing nostalgic about a time when it was worth ($) planning ahead for retirement. Sorry, Boomers.
For more information on this data, please contact BIGinsight™.
Source: Consumer Intentions & Actions® Survey – JAN-12 (N = 9317, 1/4 – 1/11/12)
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