Millennials have a reputation for being technology-savvy and independent-minded.
But recent reports indicate that one thing they’re not are capitalists.
A new Fast Company article presents 2016 data from the Harvard Institute of Politics indicating ‘19% of Americans aged 18 to 29 identified themselves as capitalists; only 42% claimed they support the economic system’.
The fact that less than a quarter of young Americans are capitalists serves as a reflection of dissatisfaction with the state of the country—both economically and with the people making these policies.
In an interview with Fast Company in the fall economist Richard Wolff commented on the desire to move away from the status quo – largely led by millennials.
‘The sheer beauty of this is that nothing fuels this movement more than capitalism’s own troubles and the displeasure – disaffection and anxiety it produces’ Wolff said.
Fast Company attributes the economic concerns and disappointments that young Americans feel to a combination of factors including just starting to seek employment concurrently or shortly after the Great Recession.
There are also staggering data around actual earnings as Fast Company reports: ‘The median earnings of millennials in 2013 were 43% lower than someone who was their age and working in 1995’.