New Research Shows Millennials Distrust Media, Believe in Business
New research suggests that millennials have a negative view of authoritative institutions such as churches and the media.
A report released by the Pew Research Center indicates that, since 2010, churches and religious organizations have dropped 18 percentage points in approval by millennials. Just five years ago, 73 percent of millennials said that churches had a positive effect on the nation. Now the number is at 55 percent.
The group also has a greater distrust of the media and news outlets than they did five years ago. In 2010, 4 in 10 millennials regarded the national news media as having a positive impact on the way things were going in the country, while only 27 percent believe this to be true now.
Despite a distrust of media and religious institutions, millennials have a brighter view of business in general. In 2010, 35 percent of millennials said that banks had a positive impact in the country. Now 45 percent believe that money lending institutions are helping the country. The good feeling about small businesses has gone up 15 points as well, as 86 percent of millennials now say small businesses have a positive effect.
Regarding education, 73 percent of millennials say that colleges and universities have a positive impact in the U.S.
The role that labor unions play in American society has strengthened in the eyes of millennials as well. In 2010, 32 percent of those polled said unions had a positive impact. The number is now at 45 percent.
Millennials, who are generally defined as those born between 1981 and 1997, are very aware of the need to prepare for an uncertain future.
As The Associated Press reports, millennials are saving a median of 7.5 percent of their paycheck for retirement. Two years ago, millennials saved 5.8 percent on average for the same purpose.
John Sweeney, the executive vice president of retirement and investment strategies at Fidelity Investments, said the impetus to save may have something to do with youth.
“The further you are from retirement, the more you still hold aspirations of retiring early,” Sweeney said.
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