Young Americans Delay Saving Due to Economic Factors

According to a study from Generation Opportunity, a non-profit organization focused on Americans ages 18-29, more than a quarter of young Americans are delaying saving for retirement due to economic factors.

The survey of 600 young Americans found 77% have either already delayed or will delay a major life change or purchase due to the current economic situation.

Additional findings include:

•  Forty-four percent delay buying a home

•  Twenty-seven percent delay paying off student loans or other debt

•  Twenty-seven percent delay going back to school/getting more education or training

•  Twenty-six percent delay changing jobs/cities

•  Twenty-three percent delay starting a family

•  Eighteen percent delay getting married

“The heart of the matter here is that young Americans need jobs in order to repay any debts, including student loans, and to plan for the future,” said Paul T. Conway, President of Generation Opportunity and a former Chief of Staff at the US Department of Labor. “The poor economy and a lack of jobs are the central reasons why millions of young Americans have delayed their dreams of buying a home, getting more education, saving for retirement, getting married, or starting a family. Millennials know that more rhetoric from elected leaders and new federal programs are no substitute for employment opportunities and simply having a job.”