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Subscribe to RSSWhile the continued economic slump hobbles many Americans, the downturn is crushing young people.
Almost half of millennials—those between 18 and 34—think they'll be worse off than their parents, according to research from Demos, a non-partisan policy and research center.
And voters under age 30 in Tuesday's presidential election identified unemployment (49 percent) and rising prices (37 percent) as the most pressing economic issues they face, according to the Pew Research Center .
All this is forcing some young people to skip one of their favorite past times—eating out.
(Read more: Why More Millennials Go Part Time for Full Time Pay)
Among the heaviest restaurant users, new research shows in the year ending July 2012, millennials ate out 203 times annually — 49 times or 19 percent less than they did in the year ending July 2007, according to the NPD Group, a consumer market research firm.
"I've been doing this for 35 years and that has always been the case (millennials eating out). But not the last few years," said Harry Balzer, NPD's chief industry analyst. "This is all about how the economic downturn is affecting this group more than anybody else," he said.
(NPD defines dining out as everything from a Starbucks latte to a full sit-down meal at a restaurant.) Dining out costs roughly three times more than packing a sandwich or eating at home.
"I always bring my own lunch to save money," said Andrew Welsch, 28, of Long Island, N.Y. "My friends do the same thing. I still have to pay back my student loans," he said.
A generation defined by debt
Young people are cutting back on daily expenses such as dining out because personal debt levels are rising. Among college graduates, two-thirds owe an average of $28,500 in student loans, according to the Census Bureau and the Institute of Education Science. Average.
Related: Hey Gen X, tell us how you are feeling about the economy
Many millennials are accumulating personal debt that spans unpaid student loans, credit card bills and medical expenses, according to the Demos report released last year.
With money tight, millennials voted this week with the economy on their minds. Voters under 30 also cited taxes and housing as important issues they face, said Scott Keeter, director of survey research for the Pew Research Center. He's also an exit-poll consultant for NBC News.
Weak job prospects
Weak job prospects are also hurting millennials. The unemployment rate for 18- to 34-year-olds for October was 10.8 percent, higher than the national unemployment rate of 7.9 percent, according to the U.S. Bureau of Labor Statistics.
Underemployment and low wages are problems too. More than half (57 percent) of young people would like to be working and earning more, and just half (53 percent) are working in their chosen fields, according to Demos research. Among millennials, more than half (56 percent) reported annual pretax incomes below $30,000.
With small incomes and little to no personal savings, many young people have delayed big life decisions.
Almost half (46 percent) have delayed buying a home, and nearly one third of millennials (33 percent) have postponed moving out on their own, according to Demos research. Welsch is holding off on getting an apartment with his girlfriend until after he completes his masters degree at the City University of New York.
Millennials have put off starting a family (30 percent), and a quarter has pushed back getting married.
Real happy hours
Welsch and others like him are riding out the economic downturn by reducing expenses such as dining out to celebrate birthdays. The gang used to gather at "a nice, mid-range restaurant — not McDonald's," he said.
But with the group unemployed or hours cut back, that tradition has been scrapped too. "We have to skip out on nonessentials like eating out, which is fun," he said.
With so many young people struggling, there could be a ripple effect for the restaurant industry. Younger diners traditionally have helped define eating trends as early adopters. "This group has been influential in their choices," said NPD analyst Balzer.
As a comparison, those aged 50 and older are eating out more since the depths of the 2008 financial crisis — 209 times annually this year compared to 197 outings for the year ending July 2007, according to the NPD Group's research.
So while older Americans fill sit-down restaurants, you'll likely find young people at bars, and enjoying a cheaper beer and snack.
"We’re a big fan of happy hour," said Welsch. "If we’re going out for drinks, it has to be happy hour — or we wouldn't do it."
With additional reporting by Erin Horan.
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I do not know who wrote this essay, but needs to be read by the younger generation so they can get a sense of where we "oldsters" are coming from.
Requiem for America
Last night’s election was most disturbing and disheartening to me. It certainly was not a landslide victory for Romney as I had predicted. Now I realize that I was thinking with my heart and not my head. I did not want to believe that our country had changed so much, and that a failure like Obama could actually get re-elected and be given an opportunity to “Finish the job”. “Finish the Job” are his words from his acceptance speech, last night. Therein lies the problem. To the uneducated and ill-informed Obama Zombies, “Finish the Job” means that he will continue to work to improve the economy, create jobs, etc. To Obama, and those of us who possess critical thinking skills and have ears and actually listen, “Finish the Job” means to “Fundamentally Transform America”! Obama’s plan has been and will continue to be to diminish America and his pledge to “Finish the job” is a threat that is actually applauded by the numbskulls that voted for him, support him and cheer for him.
This morning, all the pundits are offering their worthless opinions about how Obama won and how the Republicans lost and what needs to be done. These self-avowed intellects are blaming Romney’s strategy, Romney’s timidity, the Republican Party establishment, the media, and on and on. Many believe that a more Conservative candidate is the solution. Others believe that the Tea Party posture is too extreme and it frightens the electorate. Still others believe the Republicans need to find a way to attract single women, Blacks, Latinos, and Gays. In other words, the Republicans need to become “Democrat Light” if they want to win.
Folks, the problem is not the candidate, nor the Republican Party. Romney was a great choice and he would have been a great president. The problem is not the Republican platform or the Tea Party tugs to the right. The problem is that the Republicans are selling products, values, beliefs, that too many of the present day electorate ain’t buying. The Republicans/Conservatives are selling what the people don’t want…..accountability, self-sufficiency, competition, success, hard work, honesty, respect, family values, God, Pro-Life, American Exceptionalism, traditional marriage, border control and legal immigration, sanctity of life, Constitutional Rights and freedoms, smaller government, less dependence on government, less taxes, fiscal responsibility, freedom to get rich, freedom to own firearms, freedom of religion, free speech, etc.
America has changed!
It’s not the candidate and it’s not the platform. It’s the changed electorate. This is no longer Post WW II America. That generation is gone and those values are gone. The last generation with solid American values is mine and we are dying off daily. We are the sons and daughters of the Greatest Generation. All the following generations (my children and their children) are kids from the 60’s and 70’s with different values towards America, fiscal responsibility, world politics, drugs, music, entertainment, fashion, language, education, work ethic, etc. Not all of these generations, but too many!
Today’s Americans see things in a different way. They see:
Abortion….not murder
Free contraceptives……not Freedom of Religion
Gun control…….not 2nd Amendment rights
Fairness….not competition
Government assistance……not independence
Gay marriage and tolerance…….not values and beliefs
Illegal immigration and a “live and let live” attitude/lawlessness……..not border control
A One World mentality……..not American Exceptionalism
Spend more than we earn…….not fiscal responsibility
Cut defense spending and spend more on social justice…..not peace through strength
Tax the rich/successful more……..not encourage success and entrepreneurialism
Divisive class warfare…….not “E Pluribus Unum”
Folks, I fear that today’s electorate is the proverbial dog that caught the truck. They are not going to understand the consequences of their actions until it’s too late and the worst part of it is, there is nothing we can do to prevent this! We can preach until the cows come home. We are fighting against the times, the education system, the media, the New World Order.
All we can do is look at our America as the Shining City on the hill that once existed. America will become the legend, like Camelot. Tales will be written about America and movies will be made. Songs will be sung and future generations will wistfully gaze up to the heavens as they privately (and perhaps secretly) muse about how wonderful such a place as America must have been. It’s a Camelot story and at the same time a Planet of the Apes tale. My grand-children will read that …………”….for one brief shining moment there was a place called Camelot/America”!
Farewell, America.
God bless the land that I loved!
Although I agree with many of your points, the immigration issue stands out as clearly in need of fundamental change. We clearly need to admit more immigrants "officially", not build fences along the border! Where would this country be if we hadn't had the big influx of immigrants in the early 20th century?? Roads?? Bridges?? Hydro-electric power?? Railroads?? All built with immigrant labor!
The problem now is that we have many illegals residing in this country who are receiving medical and educational benefits paid for by taxpayers who are citizens. That's clearly wrong. A clearer path to legal citizenship would solve many of our immigration problems and reduce the number of illegals. That would be much more effective than spending money to build and police a fence, which would be a total waste of tax dollars.
Work much, Robin?
Millenials eat out 203 times per year?? Wow! They need to wake up and realize they're spending way too much dough on this unnecessary frill. They need to start doing things for themselves! Instead of being dependent on mom an dad(for shelter and utilities) and restauarants(for food), they should learn that they have to earn their way through life by doing for themselves. It's much more fulfillig to do it that way, anyway! Enough of these self-centered, narcissistic brats!
Millennials eat out less to get by, and I downsized my house to get by. We all have to adjust to economic conditions. The economy stank when I graduated college too. Free advice - get an education in a field that is hiring, cut up your credit card, clip coupons and cook your own food, and do whatever else it takes to live within your means for a few years. Blaming other generations, while cathartic, won't get you out of debt. Life is long, so forego some perks for a while early on so you can have a much better "later on". Or, live in mom and dad's basement and whine about it. Your choice.
Awwwww........join the club. Millions of us havn't eaten out since 2008!
The Banker
Hello, my name is Montague William 3rd
And what I will tell you may well sound absurd
But the less who believe it the better for me
For you see I’m in Banking and big industry
For many a year we have controlled your lives
While you all just struggle and suffer in strife
We created the things that you don’t really need
Your sports cars and Fashions and Plasma TV’s
I remember it clearly how all this begun
Family secrets from Father to Son
Inherited knowledge that gives me the edge
While you peasants, people lie sleeping at night in your beds
We control the money that controls your lives
Whilst you worship false idols and wouldn’t think twice
Of selling your souls for a place in the sun
These things that won’t matter when your time is done
But as long as they’re there to control the masses
I just sit back and consider my assets
Safe in the knowledge that I have it all
While you common people are losing your jobs
You see I just hold you in utter contempt
But the smile on my face well it makes me exempt
For I have the weapon of global TV
Which gives us connection and invites empathy
You would really believe that we look out for you
While we Bankers and Brokers are only a few
But if you saw that then you’d take back the power
Hence daily terrors to make you all cower
The Panics the crashes the wars and the illness
That keep you from finding your Spiritual Wholeness
We rig the game and we buy out both sides
To keep you enslaved in your pitiful lives
So go out and work as your body clock fades
And when it’s all over a few years from the grave
You’ll look back on all this and just then you’ll see
That your life was nothing, a mere fantasy
There are very few things that we don’t now control
To have Lawyers and Police Force was always a goal
Doing our bidding as you march on the street
But they never realise they’re only just sheep
For real power resides in the hands of a few
You voted for parties what more could you do
But what you don’t know is they’re one and the same
Old Gordon has passed good old David the reigns
And you’ll follow the leader who was put there by you
But your blood it runs red while our blood runs blue
But you simply don’t see its all part of the game
Another distraction like money and fame
Get ready for wars in the name of the free
Vaccinations for illness that will never be
The assault on your children’s impressionable minds
And a micro chipped world, you’ll put up no fight
Information suppression will keep you in toe
Depopulation of peasants was always our goal
But eugenics was not what we hoped it would be
Oh yes it was us that funded Nazis!
But as long as we own all the media too
What’s really happening does not concern you
So just go on watching your plasma TV
And the world will be run by the ones you can’t see
Written By Craig-James Moncur
more baby boomer self-imprtant woe is me whining, grow up and get on with it;
Today’s Americans see things in a different way. They see:
Abortion….not murder - pushing your world view on others is not a virtue, nor is pushing your god onto others. this country was founded on freedom of religion, not freedom to legislate your morality.
Free contraceptives……not Freedom of Religion - what birth control has to do with freedom of religion is beyond me. if you are going to go so far as to associate your religion with birth control and women's rights, that's quite absurd but it is your perrogative. what is not your perrogative is to, again, force your god onto others who may or may not believe or worship the same one as yourself.
Gun control…….not 2nd Amendment rights - these two ideals do not have to be held in a mutually exclusive manner.
Fairness….not competition -same as above
Government assistance……not independence assisting people give them help to become independent and productive contributing members of our communities is something all of us in this country have taken part in some way or another, don't fool yourself.
Gay marriage and tolerance…….not values and beliefs your close minded and narrow view of the arbitrary definiton of a word is your belief and you choose to value it how you do, to try and force others to not be allowed to do the same is ignorant.
Illegal immigration and a “live and let live” attitude/lawlessness……..not border control border control and immigration are again not mutually exclusive thoughts or practices all of the time.
A One World mentality……..not American Exceptionalism an alternate definition and perspective of american exceptionalism is fascism and xenophobia
Spend more than we earn…….not fiscal responsibility baby boomers spent themselves right into a giant hole gloriously. this country's debt was not a cause of younger generations, in fact we have yet to be making policy concerning gov't spending.
Cut defense spending and spend more on social justice…..not peace through strength the only reply i have to anyone touting the need for more military spending or taking offense at the reality our nation's military is too bloated is listen to perhaps our greatest president;
Tax the rich/successful more……..not encourage success and entrepreneurialism
Divisive class warfare…….not “E Pluribus Unum” - properly taxing the wealthy is what during the middle of the 20th century propelled the united states to become the greatest country on earth.
Still blocking reality? I hope when Karma comes and slaps you in the face I am there to laugh.
I came along at the tail-end of the boomers. When I look back at my life and compare the average standard of living between my generation and that of millenials of the same age, the difference is profound. Yes, senior citizens have some advantages now, but you young folks were born into an affluence brought to you by your boomer forebears that I really don't think you understand or appreciate. The very idea that you're complaining about having to give up some luxury that I could never have dreamed of having in the first place at your age kind of makes me sad. When I was a teen, a 1200-square-foot 3-bedroom ranch in a nice neighborhood was something to aspire to after YEARS of working and saving. Admit it now, millenials - don't you think you deserve better than that, fresh out of college?
"Deserve?" Hell, they think they're owed better.
rkaralius -- You are so absolutely correct.
Ya, Obama will take them out to dinner....when they get their food stamps from him. Sad state of affairs in this country and not looking to get any better for at least the next 4 years. Then it will take another 10 years to fix things after the next 4 years of no leadership in the White House!
No bad economy will ever break my addiction to Sonic cheezy tots ;P
Sir...put down the cheezy tots and back away.
It is interesting that the millenials, who claim to be suffering so much, nevertheless in last week's presidential elections overwehlmingly supported Mr. Obama, whose policies are causing them so much trouble. In essence, their economically stressed condition is exactly what they voted for.
Eating out every day is a huge waste of money. I go out to lunch once every 2 weeks or so. And for dinner even less. The average lunch is 7 bucks minimum. That's 35 bucks a week just for lunch. 140 bucks a month, over 1600 a year. Triple that for eating dinner out. And drinks at a bar start at 6-8 bucks each. I eat at home, I drink at home. Maybe if you millenials had voted for Romney business would get better and your salaries might have gone up. Too late now.
If they had voted for Romney, their salaries would be shrinking.
Learn to cook like the rest of us did. You'll have more money to go out on occasion.
This is nothing new. I have been working over 20 years and have experienced several recessions and tough labor markets. This is whining because of the over-expectations of Gen-Y. When most entered the labor market (prior to 2008), they expected the workplace to change for them. They did not grunt work, demanded high salaries, and wanted hours that would let them pursue their bliss. The wake up call was an economic turndown like nothing similar since the late 1970's. This is the real world that most of us have encountered in our 20's. It nothing new. It is only new to Gen-Y.
I am going to teach my kids a lesson. If the tax rate increases 5% plus 3% for health care, that's a 17% increase as a minimum. They get $20.00 a week and I don't expect a raise so their allowance will drop to $16.66 a week. For the two in college, it will be you need to increase your work hours by at least 10%.
Maybe it has been said in here, and maybe it has not. But my generation (I am 42) have had to tighten our belts when we were 18-34 at some point as well. I'd wager that every generation has had a down time during that age of their lives. And while I'm not glad that the 18-34 group is down on the future, it is certainly not a unique situation. We've all been, done that. Life is what you make of it. Getting down on the future serves no purpose whatsoever. Get your chin up and keep working hard and good things will happen...
I feel for these poor people, they had to cut back on fast food... shame
The Generation Y will have an uphill fight since companies will continue to defer hiring waiting on what will happen. Every month hiring is less than 250,000, the difference goes into the under/unemployed. Truly sucks for them. Glad I am retiring in 5 years. Just hope my kids don't expect me to be their welfare provider. For those unsure of what to do...learn Chinese.
To the author: It's "pass time," not "past time."
English is not the author's strong point. That is for sure!
If I ate out 203 times a year, I'd also be crushed.
I am thinking it is the President's economy that is crushing them. And they voted to be crushed.
Expectations are somehow off for this "millenial" group. It wasn't until I was 40 and had made my first million + that I felt that I had enough money to eat out once per week. Today, I eat out about twice per month, and that seems fine with me.
And I voted for Obama, but that has nothing do do with an individual being able to live within their means.
My folks and I paid out of pocket for the most part for college. I worked two part time jobs while in school too.
I hope to be debt free by January! I graduated in 2011.
I eat out once a month or so. I pay for it with gift cards I get by filling out surveys!
The article tries to make it sound as if things are soooo bad. The article states that Nearly 90% of the so-called millenials are employed. Yet at the same time they write this article to make it sound like none of them can find work. They also bemoan the fact that most that belong to this group make less than $30k... statistics show that even prior to the economic downturn young Amercans under the age of 30 typically earned less than $30k. So, basically nothing has changed in the last 10 years. This makes this article a non-article because it doesn't really say anything new.
Seems to me the price of college, gas, and so on has changed in the last 10 years (whereupon the salaries have not).
WOW,after Is NBC trying to tell the Electorate they picked the wrong Candidate, NBC and especially Brian Rimmer Williams were licking Obamas rear right before the Election and CNBC praising him.
Thanks NBC!
PEOPLE, Remember this... watch another channel... BOYCOTT NBC and UNIVERSAL
Well...the economy stinks and the Millennials are suffering the most. First of all, it's a minor miracle in itself that NBC is admitting we have a bad economy, at least with a Democrat in office. Then....the millenials are getting hammered, yet they swarm the election polls in record numbers to vote for the community organizer. It's like trying to make your hangover feel better by throwing back a shot of whiskey. I'm reminded of the old adage from Winston Churchill....."If you're 20 years old and not a liberal, you have no heart. If you're 40 years old and not a conservative, you have no brain."