Generation Gap: What’s worth our tax dollars?

With the “fiscal cliff” looming and potential tax increases on the horizon, it’s interesting to see where Americans of all ages agree (and where they don’t) when it comes to their hard-earned dough being divvied up by the government.

No big surprise, most Americans (71.2%) would rather shrink the size of government than raise taxes. Members of the Boomer Generation (75.9%), Silent Generation (75.2%), Gen X (70.5%) and Gen Y (61.9%) agree. But where should the government cut back?

Members of Generation Y appear most likely among the age groups to opt for a tax increase instead of cutting public services (police, education) or social programs (welfare, Medicare). The Silent Generation seems to agree, while the middle generations are mixed:

Although all generations appear willing to support education and safety, the majority of Gen X and the Boomers would prefer the budget for social programs like welfare get a trim before their paychecks.

Perhaps Gen Y is more likely to support higher taxes because most prefer to be unemployed! Over half (55.2%) say they would rather be unemployed and happy than be employed and miserable. While happiness is great, older generations are more likely to cope with misery if it means food on the table and shelter for their family:

It seems the Boomer Generation is the most likely to opt for employment even if it means unhappiness—perhaps they are housing some unemployed and happy members of the youngest generation!  🙂

Source: American Pulse™ Survey, October 2012 #1, N = 3529

© 2012, Prosper®

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Generation Gap: The “Normal” only appears to be “New” to older Americans

You’ve heard the phrase “new normal” on the news, during conversation, in reference to the economy, etc…but what does it mean for most Americans? What has truly become part of normal everyday living in post-recession USA?

Most Americans agree that fluctuating gas prices (71.5%), the rising cost of food (63.5%) and high national debt (60.4%) are now normal parts of living in America that we just have to deal with. The slow-growing economy (53.1%) and the hassle of frequently shopping for sales (50.4%) also top the list.

Although fluctuating gas prices top the list of “normal” conditions for all age groups, members of the Silent Generation (83.9%) are more likely than those in Generation Y (57.5%) to say frequent pain at the pump is part of the “new normal.” Youngsters in the U.S. probably don’t remember when gas cost less than a dollar per gallon while those in the Silent Generation might be reminiscing of the good ol’ days when you could buy a gallon or two with the spare change in your pocket.

The generations also differ when it comes to modesty: not surprisingly, fewer members of younger generations notice a difference in the generally accepted code of conduct, while those in older generations are more likely to see a lack of modesty as a recent development in American living.

While the disappointment of deferring purchases is lower on the list of “new normal” situations to cope with, the Boomer Generation is most likely to feel the sting here. 39.6% of Boomers consider pushing off the purchase of a flat screen, vacation home or new car as just another part of living in the U.S. of A. For comparison, only 26.8% of Gen Yers agree.

For more on the “new normal,” head over to the Prosper Now Blog at Forbes.com.

Source: American Pulse™ Survey, October 2012 #1, N= 3529

© 2012, Prosper®