Most Americans say their children will be worse off

[marmar]

The next generation of Americans will be healthier, their parents say, all except for their finances.

Barely more than one in 10 (13%) American adults believe their children will be better off financially than they were when their career reached its peak and just over half (52%) believe their children will have less disposable income than they did in the future, according to a survey of more than 1,100 American adults released Wednesday by life insurer Haven Life and research firm YouGov. What’s more, just 20% of Americans believe their children will have a better quality of life when they reach their age.

“For the baby boomer generation, pocket money from mom and dad was only part of their early childhood,” says Yaron Ben-Zvi, co-founder and chief executive of Haven Life. “Today’s parents are increasingly prepared to worry about and provide for their children’s financial well-being well far into their adulthoods.” (In fact, 40% of millennials say they get some kind of financial help from their parents, according to an April 2015 Bank of America/USA Today survey of 1,000 kids and 1,000 parents.)

Why do parents believe that their children are faced with bigger financial challenges? They are saddled with more student loan debt than previous generations. The number of borrowers who default (those who are at least nine months past due) rose to 1.2 million annually in 2012 from around 500,000 per year a decade ago, according to the Federal Reserve Bank of New York. And many young people — especially those living in big cities — are still priced out of the housing market. ..............(more)

http://www.marketwatch.com/story/most-americans-say-their-children-will-be-worse-off-2015-08-05

[Scootaloo]

1. While they're not wrong, finances seems a pretty limited view.

People born after 2000 are going ot live to see apocalyptic climate change, forced de-industrialization, and warfare that makes WW2 look like an exercise in restraint.

"My kids will be poorer," yeah, that's sort of an understatement.

[NCjack]

2. Yeah! Agree. Too many folks not in the 1% vote like they are. /nt

[davidpdx]

4. I have to agree

which is why I didn't have kids that would be inflicted by all the crap that is going on.

[a la izquierda]

5. My mom, at 60, finally got this.

I won't tell you who she's voting for, but she has never voted for a Dem for President in the past. I think she's figured that we (sisters and I and her grandkids) are truly screwed because of Republican policies, inactivity, and hatred of women.

[hollysmom]

6. it is already true in this generation

my nieces and nephews are worse off than their parents. The last of them is off to college soon and I can't seem to get through to them or their parents that debt is not the way to go, our state college is affordable and has a great reputation, no need for an ivy league college. I know how much is in their savings account for college, and it is a sizable amount thanks to the generosity of my mother and father. enough to pay for both boys to co to Rutgers, but the oldest has seen the money and wants to spend it on a very expensive college on the west coast. Ugh.

[MisterP]

7. and that's why Sanders is swinging: there's still a few in the middle class

who can be freelancers living off the Wallstreetization of the economy or selling leveraged houses in the Imperial Valley and Palmdale, but most people who work realize that the system isn't working, that what we see of the middle class is a small shadow of what it was and all that's left is a top stratum of rentiers