Young people are worried about losing their jobs and paying their bills, but theyre still holding out hope that conditions will improve.
Some 60% of 18- to 29-year-olds said they were worried about paying their bills and meeting other obligations in this economy as fear of job loss still looms large, a new poll by Harvards Institute of Politics shows. Nearly half, 46%, said theyre concerned about losing their jobs.
An even larger share 67% — said they feared that family members or friends might lose their jobs. And 58% said they were personally concerned about being able to afford housing.
Those college students surveyed also said they were worried about being able to stay in school. Of the young adults that were enrolled in four-year colleges, 45% said they were concerned about their ability to stay in college. Another 34% said they werent concerned.
They were even more pessimistic about the state of the labor market once they graduate. Just 14% of those college students said it would be easy to find a permanent job after graduation, whereas 85% said it would be difficult. Thats down from nearly a third who said finding a job would be easy in the spring of 2008.
Lodged among their long list of concerns, though, were hints of optimism. The majority, 52%, said their personal financial situation was good, compared to the 45% who said it was bad. An even larger 57% said their parents financial situation was also good.
Nearly half, 46%, also said they expect to be better off financially than their parents. Just one in 10 expect to be worse off.
They were divided on how soon the economy would turn around. Nearly a quarter of young people said the economy would get worse in the next year. Another 38% said it would stay the same and 36% said it would get better.
The survey was conducted between Jan. 29 and Feb. 22. It covered 3,117 young adults and has a margin of error of plus or minus 2.3 percentage points.