Acumen Insights

The Identity Crisis of Middle Class Millennials

By November 9, 2016 No Comments

Millennials see themselves as less middle class and more working class than any other generation in recent years, the Guardian and Ipsos Mori found. Analyzing social survey data spanning 34 years revealed that only about a third of adults aged 18 to 35 think they are part of the U.S. middle class. Meanwhile 56.5 percent of this age group described themselves as working class. The number of Millennials that described themselves as middle class has fallen in almost every survey conducted every other year, dropping from 45.6 percent in 2002 to a record low of 34.8 percent in 2014. In 2014, the eight percent of Millennials considered themselves to be lower class and less than one percent considered themselves to be upper class. The last time almost as many people from any other generation described themselves as working class was in 1982, when 56.1 percent of Baby Boomers chose this label. That year, the oldest Boomers were in their late 30s, Ronald Reagan was in his second year of office, and Time magazine celebrated the advent of the personal computer.