Young Americans Are Most Satisfied With Their Standard Of Living: Gallup

It's hard to imagine young Americans being satisfied with their standard of living, especially with youth unemployment nearly double that of the national unemployment rate.

But according to a new report by Gallup, young Americans happen to be the most content subgroup today.

In this year's annual Gallup standard of living index, 18-to-29-year-old respondents gave the most positive responses of any subgroup, for the fourth straight year. They were promptly followed by those with a household income of $90,000 or more, and those who have never been married.

The standard of living index measures the average of respondent's net standard-of-living satisfaction and net standard of living improvement. Since January 2, over 100,000 U.S. adults were surveyed.

The findings stand in striking contrast to the startling youth unemployment, which has now reached 19.1 percent, according to the latest study by the Bureau of Labor Statistics. The current unemployment rate for the U.S. as a whole is 9.1 percent.

Groups producing the lowest scores were the unemployed, those who are separated or divorced, households making no more than $24,000 and people between the ages of 50 and 64 years old.

See the most and least standard of living ratings by subgroup below:

Gallup, in its analysis of the findings, states the difference in standard of living outlook between the young and old may have more to do with each group's respective responsibilities. Those between the ages of 18 and 29 years old are less likely to be saddled with mortgage or family obligations than older respondents.

Those nearing retirement are also feeling the brunt of the current economic recession, The Chicago Tribune reported in 2010. Nearly 47 percent of those between the ages of 50 and 64 years old lack the necessary funds to retire in financial security.

The new economic challenges faced by older Americans were recently made clear by a report finding that low-income Americans are likely going to have to work into their 80s, virtually eliminating the possibility of retirement for millions of Americans.

Comments

[sonoffestus]

11:05 AM on 07/07/2011

No chit..........It's easy when someone else is paying for the ride.

[DismayedRepub]

07:13 PM on 07/06/2011

My kid just got his first real job, full time, $35K a year. He thinks he's rich. Just wait until he gets his own place, covers his own car insurance and food. That money goes fast, a rude awakening is in the making.

[CoralReef]

12:51 PM on 07/07/2011

Roommates help greatly when you are that age, but yes it is hard to live off of that! Especially if you pay into a retirement program and health benefits. Its possible, but really hard.

My mom to help ease the transition into "adulthood" kept me on her insurance plan which gave family discounts, which she passed onto me and then I paid her back monthly. Major insurance companies are typically worse for people in their 20's, I went through Mercury Insurance when I finally went on my own, 33% lower than Progressive at the time.

She would let me stock up at costco on certain things so I didn't have to overpay at a grocery store, so I wouldn't have to join myself.

There are small things parents can do to help without supporting them.

[plaidsportcoat]

06:52 PM on 07/06/2011

American education system does a GREAT JOB for the OVERLORDS!

Not one word about the true past of the USA should be allowed in the classroom, like in Tejaz

[Arts4u]

06:51 PM on 07/06/2011

Ah youth... they have no idea of what the country used to be as recently as the 90's. The 2000's started the downslide in earnest.

The things one could do..... and achieve simply by working for it... now... it is a massive struggle just to maintain.

[xrepublican]

03:11 PM on 07/06/2011

Living home with Mom and Dad... laundry done, food in the fridge, get to borrow a car with gas in the tank... what's to complain about?

[zelda777]

04:02 PM on 07/06/2011

I was just going to say that! Much of that age group still lives with their parents. Of those, many have jobs, but get a free ride from the folks, while they indulge in lattes, sharp cars, the latest gadgets, and other niceties.

I was completely on my own at age 17, and lived as cheaply as possible, a lifestyle which also enabled me to retire early. That actually was the "hippie" ethic - not to be materialistic, which really just gets in the way of your true freedom.

However, that mentality has totally reversed since the 80s, with going into debt became acceptable under Raygun. In those days, it became chic to have a lot of status symbols, and if you didn't really have the money, you charged it. That mentality unchecked, is much of what led to the recent banking/credit/investment scams. Too many people, including young people, were and still are in debt up to their ears.

Going into personal debt is like financial cancer. Avoid it unless there is a real emergency.

[FreeSpeech4All]

01:10 PM on 07/06/2011

Young adults are seemingly more content because they don't have any perspective on how much the average American has lost. I know plenty of 30-somethings with full-time jobs who live four to a house. They may never be able to afford to live alone or as a couple, let alone have a family. Their expectations are lower because that's the life that they know.

[Palaver]

12:45 PM on 07/06/2011

I suppose our needs are relatively simple. Facebook, iPhone, girlfriend, and alcohol. The rest of you are held back from happiness by this thing called "ambition".

[Joe Padilla]

04:39 PM on 07/06/2011

I am glad that you're having fun but since you took a swipe at those of us who work and have responsibilites, I figured I would swipe back. Just wait. You aren't as smart as you think you are and you haven't discovered the "secret" that "escaped" those of us who are older.

It will get complicated really, really fast at some point. I'm looking into my crystal ball and seeing a possible DUI or pregnancy in your future................ and then you will understand.

[Palaver]

07:22 PM on 07/06/2011

I understand sarcasm pretty well. :)

[Tom Hickey]

12:34 PM on 07/06/2011

Ah, the joys of youth. Job? Who wants to work anyway? Eat, drink, and be merry, for tomorrow we get old.

Then reality comes crashing down.

[TruEngineHearing]

10:22 AM on 07/06/2011

Conservatives have abandoned the middle-class. They know full-well that the average American income no longer leads to the 'American Dream', where workers simultaneously save for their own retirement, plan for their future medical needs, and try to enjoy a middle-class lifestyle. The math no longer works and that's why conservatives are plotting to separate themselves, and the government, from any responsibility for the fate of average Americans.

They've taken most of our money already, and the Tea-Party is positioned to convince the last few frightened citizens to hand over their last few doubloons - all because fear stopped too many of us from turning off the clock-radio and confronting reality.

[Joe Padilla]

04:29 PM on 07/06/2011

I'm pretty sure that Obama fits the description of your diatribe. Right?

[TruEngineHearing]

06:56 PM on 07/06/2011

I'm pretty sure "Obama fits the description of your diatribe" makes no sense. But let me check... ...yup, it makes no sense.

[oilfield]

10:11 AM on 07/06/2011

to be free from debt once again! low personal overhead goes a long way for happiness.

[Psych-Survivalist]

08:06 AM on 07/06/2011

Glad for the comment that these results may reflect the age group's responsibilities. For a more daring interpretation that would also likely be true is that there is a war in Washington that has been building that the younger generation against the older generation over Medicare and soon...Social Security. The meaning of these programs will not make sense to the younger generation either until they have to work and then are approaching retirement age. It further raises the question about the meaningfulness of these satisfaction polls at all since they only appear to describe generational ignorance and indifference not of their lot in life, their place in society, or their earning potential.
www.survivalpsych.com

[Trojan505]

08:03 AM on 07/06/2011

So no one here has the intelligence to ask how they came up with this data when young people for the most part are rarely, if ever, asked to participate in polls?

Young people are not happy. Their unemployment rate is higher. Their living standards are significantly lower than those of previous generations of 18-29-year-olds.

It's just confusing and astonishing that so many scapegoat and blame young people on this site. As if you were all upstanding, perfect citizens at 18. They can't pay rent to Mom and Dad because they're paying back $30,000 in student loans that your generation didn't have to deal with.

Nice job passing the torch, guys. Because, I mean, none of this could possibly be any of your fault, right?

[Broknrekord3]

02:17 PM on 07/06/2011

17 year old kids: Old enough to take out 40 grand for 1 year of college at 10.5% but can't have a beer, cigarette, or get married without consent.

[pjwrites]

07:50 AM on 07/06/2011

In this youth obsessed culture, why wouldn't they feel confident?

[World Citizen]

07:03 AM on 07/06/2011

Another B.S. report/polling. What do newly graduates know? Of course they are satisfied with the standard of living that their parents have afforded them by getting into hock.

[JacksonAndy78]

04:53 AM on 07/06/2011

Uninformed is BLISS!