WASHINGTON, May 12 /PRNewswire-FirstCall/ -- "Millennial"
Americans are hard-hit by the economic downturn and seek stability,
according to the fifth Heartland Monitor Poll—the latest survey on
middle class attitudes about the economy, government and the future
sponsored by The Allstate Corporation (NYSE: ALL) and
National Journal.
For the first time, the Heartland Monitor explored in depth the
concerns of the 92 million members of the Millennial generation
ages 18 to 29 through a separate online survey.
"The economy may show signs of recovery, but American confidence
is not," said Thomas J. Wilson,
Allstate chairman, president and chief executive officer. "While
most Millennials have been able to make ends meet, they are having
a hard time managing debt and saving for the future. Business,
government and educators need to come together to help these young
people achieve financial fitness and the American Dream of a life
better than that of their parents."
The Millennials experience financial hurdles—with 39 percent
regularly receiving support from parents or other relatives to meet
their ordinary expenses, and 33 percent currently living with
relatives. Only 16 percent say they can live comfortably and save
an adequate amount, and fully 32 percent say they "find it hard to
make ends meet every month." While the federal deficit approaches
$13 trillion, individually
Millennials carry an average personal debt burden of $21,900.
Although 42 percent of Millennials agree that a four-year degree
is a ticket to the middle class, 55 percent say they could perform
their job responsibilities just as well had they not obtained as
much education. Forty-six percent say a four-year college degree is
an economic burden. Of those respondents who did not pursue a
four-year college degree, 26 percent say they cannot afford it and
16 percent say it is not worth the cost or worth getting into
debt.
While President Obama carried 66 percent of the Millennial vote
in 2008, the poll finds the recession has slightly dented that
enthusiasm. In the poll, Obama's job approval rating among
Millennials stands at 56 percent, with 46 percent saying they would
vote to re-elect him. Forty-four percent believe his policies
averted an even worse economic crisis, and 46 percent believe the
recently-signed healthcare bill is a good thing for the country.
Forty-five percent favor a left-leaning agenda of investment in
infrastructure, education and research, and just one-fourth believe
the country is worse off because of Obama's policies.
Looking toward their own futures, the Millennials seek stability
in employment and finances. Fifty-five percent say their goal is
long-term employment with a single employer, and almost half
express interest in the historically-stable employment options of
large companies, government, education and the military. When asked
to rank their most important workplace priorities, job security was
number one, slightly ahead of high pay. Given a hypothetical
$100 to invest, Millennials preferred
saving in a bank or paying down debt to buying a home or investing
in the stock market.
"Buffeted by this tempestuous economy, many Millennials are
urgently seeking shelter from the storm. Their generation is
renowned for placing a high priority on personal expression, making
a difference in society, and accumulating fulfilling
experiences—and those instincts still resonate through the poll,"
writes Atlantic Media Political Director Ronald Brownstein. "But across a wide range of
economic choices, the survey finds that the ferocity of the
recession has left this generation with a powerful craving for
certainty. Millennials would much rather stockpile savings in a
bank or pay down debt than invest in the stock market. Even more
striking is that they clearly prefer stability with one employer to
the opportunity to frequently change jobs."
In addition to the online survey of young adults, the Heartland
Monitor today also released the results of a national telephone
survey of Americans age 18 and above focusing on President Obama's
performance and assessments of the national economy. Although the
economy may be thawing, the overall public assessment of President
Obama's performance remains frozen when compared to the last
Heartland Poll in January. The latest survey finds only 39 percent
would vote for him if the 2012 election were held today, with 50
percent voting for another candidate—identical to January's result.
Forty-eight percent approve of his job performance while 46 percent
disapprove— mirroring the January result of 47 percent and 45
percent, respectively.
The nation remains closely divided in assessing the impact of
the President's domestic initiatives. Forty-six percent of
respondents feel his economic policies have run up a record deficit
while failing to end the recession or slow the pace of job losses,
while 42 percent say they helped avoid an even worse crisis. Only
11 percent say the country is significantly better off because of
his policies, with 46 percent responding that although it isn't
"better off yet," it is "beginning to move in the right
direction."
Notes to Editors
Survey Methodology
The fifth installment of the Allstate-National
Journal Heartland Monitor poll was conducted by FD on
April 22-26, 2010. A sample of 1,200
American adults was surveyed by telephone, and questions asked of
the full sample had a margin of error of plus or minus 2.8 percent.
At the same time, 1,021 adults age 18 to 29 were surveyed online,
with a margin of error of plus or minus 3.1 percent. The margin of
error on other questions varied based on the size of the
subsample.
About Allstate
The Allstate Corporation (NYSE: ALL) is the nation’s largest
publicly held personal lines insurer. Widely known through the
“You’re In Good Hands With Allstate®” slogan, Allstate
is reinventing protection and retirement to help more than 17
million households insure what they have today and better prepare
for tomorrow. Consumers access Allstate insurance products (auto,
home, life and retirement) and services through Allstate agencies,
independent agencies, and Allstate exclusive financial
representatives in the U.S. and Canada, as well as via www.allstate.com and
1-800 Allstate®. For an overview of the other
Allstate-National Journal Heartland Monitor Polls, visit
http://www.allstate.com/heartland-monitor.
About National Journal Group
Since 1969, National Journal Group has provided insight for
insiders through nonpartisan reporting on current political and
policy issues as well as tools professionals need to do their jobs
well. National Journal Group properties include National
Journal, CongressDaily, NationalJournal.com,
The Hotline, The Almanac of American Politics and
Global Security Newswire. It partners with WETA to produce
"Washington Week With Gwen Ifill and National
Journal."
About FD
One of the most highly regarded consultancies in the
communications industry, FD employs more than 750 staff and advises
more than 1,000 clients worldwide through its hub offices in
London and New York, as well as its network of wholly
owned offices in Bahrain,
Beijing, Bogota, Boston, Brussels, Cape
Town, Chicago, Dubai, Dublin, Frankfurt, Hong
Kong, Johannesburg,
Los Angeles, Manchester, Melbourne, Moscow, Panama City, Paris, San
Francisco, Shanghai,
Sydney and Washington, DC. With a 20- year history of
advising clients in both the private and public sectors, FD's
services include financial public relations, capital markets
communications, public affairs, crisis and issues management and
corporate, business-to-business and business-to- consumer
communications. FD is also a market leader in M&A advisory
work. FD is structured around specialist sector teams operating on
an international basis, covering consumer industries, financial
services, basic industries, business services, life sciences &
healthcare, media, real estate, technology and telecommunications.
FD is a division of FTI Consulting Inc. (NYSE: FCN), the global
business advisory firm. For more information, please visit
www.fd.com.
SOURCE Allstate Corporation