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

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STANDARD OF LIVING INDEX

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.

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