Is Prosperity Achievable for Millennials?
It's no surprise that most Americans surveyed (87%) see the path to prosperity as the ability to meet their financial goals — after all, money often unlocks the door to other happy-making aspects of life (marriage, home buying, traveling, etc.). That said, Intuit's study revealed that four out of five Americans (78%) feel that prosperity is currently out of their reach, and as a result, the same amount say they are putting off purchasing a home (30%), starting a business (19%), starting a family (22%), or getting married (19%).Another hurdle 55% of Americans have trouble overcoming? Not feeling confident when it comes to managing their finances. Just like in any other situation in life, that lack of confidence can cause a ripple effect — 45% of respondents are living paycheck to paycheck, 44% don't have any savings, 36% have gotten too far into debt, and 19% aren't able to fully support themselves financially.
The Socioeconomic Barriers
It's a well-known fact that the financial playing field certainly isn't level in America — everyone's unique circumstances, from gender and sexual identity to ethnic background, zip code, and education have different implications for people's prosperity. Even though the U.S. economy grew nearly 3% in 2018 and job growth averaged 223,000 per month, more than half of Americans (58%) believe that the economy is a major factor holding them back from living the life they want. But the data takes it a step further — 57% of people believe their current economic landscape is actively making it difficult to be financially successful.Unsurprisingly, those who feel most disadvantaged in the American economy are women of color. Twenty one percent of Asian women, 15% of African American women, and 14% of Hispanic women cite their ethnicity as a hurdle to overcome in the pursuit of prosperity. Nearly half of Americans (46%) also cite demographic factors like ethnicity, gender, race, and sexual orientation to be hindering their ability to achieve financial stability.
Remaining Optimistic & Finding Solutions
In spite of the personal barriers and drastic economic challenges that exist on the way to reaching the American Dream, Millennials today remain optimistic: 58% of Americans are hopeful to achieve prosperity in the future, and 80% see financial success in their future. Plus, the idea of prosperity has begun to shift away from a simply monetary-based concept — Millennials are also looking for mental and physical wellbeing, healthy relationships, and being able to provide for a family to round out a prosperous life.
Click here for more information about Intuit’s Pursuit of Prosperity study, and join the conversation online! Share your thoughts on your pursuit of prosperity with the hashtag #ProsperityForAll.