By Erika Anderson
Young women in America are decidedly financially conservative, according to a new poll by Generation Opportunity. Some in this group, ages 18–29, have lived their college and professional lives for the past four years in a state of perpetual economic downturn.
It’s no wonder this age group is opposed to more federal spending and feels un-represented by elected officials in Washington. As Heritage’s Robert Bluey and William Beach point out, they are part of the “debt-paying generation”—those who will be burdened by massive national debt by no fault of their own.
And they are feeling the economic ache. In fact, 79 percent of this group either have or will delay a major life change or purchase because of America’s current economic instability. Here are a few examples of these sacrifices:
-- 46 percent will delay buying a home;
-- 30 percent will delay saving for retirement;
-- 30 percent will delay paying off student loans or other debt;
-- 26 percent will delay going back to school/getting more education or training;
-- 21 percent will delay changing jobs/cities;
-- 27 percent will delay starting a family; and
-- 20 percent will delay getting married.
As Bluey wrote:
…These decisions to delay purchases or make life changes will have a profound impact on the economy in the years to come. If young people delay marriage, they’ll buy homes later, won’t make major purchases, and will likely have fewer children.
An overwhelming 71 percent of the women surveyed would favor a decrease in federal spending over raising taxes paid by individuals to balance the federal budget. That view doesn’t bode well for liberals like President Obama, who has been pushing for more taxes from the start of his presidency.
“Young adult women are working diligently to chart their own course forward professionally and personally, and their experiences chronicle the under-reported human costs stemming from failed policies and the lack of opportunity,” said Paul T. Conway, president of Generation Opportunity, in a press release.
When politics become personal, as the economy so deeply does when young people enter the workforce, viewpoints tend to shift. The poll shows that 67 percent of young women do not believe that today’s political leaders reflect their interests.
As our nation slips deeper into debt—and the unemployment rate remains sky high—more of the millennial generation will realize that liberal economic policies simply don’t work. It’s up to everyone to help push us back on track right now so the debt problem isn’t tripled for our grandchildren.