NORTHAMPTON, Mass. (WWLP) - A new survey finds the millennial generation is struggling to make ends meet. The market research firm WSL surveyed 1800 people asking them about their shopping habits, and what they found was a generation on the brink of a crisis.
We've heard of "baby boomers" and "generation X," but what about generation broke? New research says one in four people born between 1980 and 1994 don't have enough money to meet basic needs.
"Very, very true, I know that I don't and I know that a lot of my friends don't and they are still relying on their parents," said 18-year-old Nick Brady of South Hadley.
Brady lives with friends and will graduate high school in three days. He told 22News he plans to take a year off before going to college as he's currently looking for a job. He tries to make money for rent and necessities by playing his guitar on the streets of Northampton.
Brady's bottom line closely mirrors that of 30-year-old Patrick Condon who is paying back $40,000 in student loans and on Wednesday was looking for work at Thornes Marketplace.
"You know having gone through the process and done the things I was supposed to do and here I am looking for a job in a retail place at 30-years-old," said Condon, who holds a bachelors degree in history and is going to graduate school.
The survey says 80% of the millennial generation believe it's important to get the lowest price on most things and more than half of those will actually get the cheaper option instead of the go-to brand if it means saving a buck.
"I would say most people tend to that, definitely I would say it's pretty common," said Alexis Noyse of Easthampton on Main Street, Wednesday afternoon.
WSL's CEO says this generation's spending power could disappoint retailers who were counting on them for sales growth.