Just 42% of US adults believe that young peoples’ chances of having greater material success in life than their parents are very or somewhat likely, the poll found. The figure is down 18 percentage points since June 2019, the poll report said.
Only 13% of that 42% are very optimistic about young peoples’ future, matching 2011 and 2012 figures and hovering just two percentage points above the all-time-low of 11% in 1995, the poll report said.
In contrast, 28% of US adults believe it is somewhat unlikely that young people will have better lives than their parents and 29% think it is very unlikely – two points higher than the previous 2011 record – the poll also found.
The decline in optimism about the future of young people is largely driven by Republicans, the poll report said. Over half of Democrats, 53%, think young people will likely have a better future than their parents while only 33% of Republicans think the same, the poll found.
Republicans’ optimism about the future tends to change more dramatically based on the party of the sitting US president, while Democrats’ optimism is more stable across administrations, the poll report said.
Republicans’ optimism rose 29 points after Donald Trump assumed office and fell 33 points after Joe Biden took the presidency, the poll report said. Democrats’ optimism remained consistent after Biden took office, the poll report added.
Moreover, those in lower-income households are more likely than those in higher-income demographics to expect the next generation to experience more material success, the report found. Slightly over half of those making under $40,000 a year are optimistic about the future of young people while just under 40% of those making over $100,000 annually hold the same optimism, the poll report said.