More young people of color are saying they worry about their finances than young white people

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Young people of color in America feel less secure financially than young white people, according to the latest monthly survey of diverse youth by the Black Youth Project at the University of Chicago and the AP-NORC Center for Public Affairs Research.

The September GenForward survey, released today, included 1,851 young people aged 18–30, and was conducted online and over the phone between September 1 and 14.

According to the survey, young black, Asian, and Latinx people were more concerned about someone in their household being laid off than their white counterparts:


That discrepancy extended to finding jobs in the first place: nearly half of black respondents to the survey said they had been discriminated against while looking for a job, compared to 31% of Asian Americans, 30% of Latinxs, and 10% of white people.

And fewer black and Latinx youth said their families would be able to help them if they received an unexpected bill or had an emergency expense of $1,000:


"The data suggest that some of the economic vulnerability gap between young people of color and young whites is a product of different rates of discrimination," wrote the survey's authors, Cathy J. Cohen, Matthew D. Luttig, and Jon C. Rogowski.

Breaking down young people's attitudes toward their economic success by gender, women across races were more likely than men to say that their gender makes it harder for them to achieve financial success:


"All told, these findings underscore the importance of gender in structuring economic opportunities and experiences among young adults," the report authors wrote. "Young women—of all racial and ethnic groups—are more likely to report having experienced gender-based economic discrimination and to say that men have an advantage in the economy. African American and Asian American women (and to a lesser extent Latinas and white women) also believe that their gender makes it harder to achieve their economic goals"

Relying on Social Security doesn't seem to be part of the plan for many young people: just 42% of black people, 35% of Asian Americans, 36% of Latinxs, and 29% of white people say they are very or somewhat confident that they'll have Social Security in the future. But many more said they were confident they'll have enough savings to retire when they want to: 53% of black people, 55% of Asian Americans, 43% of Latinxs, and 56% of white people.


Despite their experiences of discrimination, young people of color were actually more optimistic about their futures than white people overall, according to the survey: while 46% of young white people believe their generation will have a better life than their parents, that number rose to 63% among young black and Asian American people and 68% of Latinxs.

"It is striking how many young adults are confident about their financial future in light of their current negative evaluations of the economy," the report authors wrote.


Across all young people surveyed, the most pressing economic issues for the next president to address were student debt, wages, and income inequality. More than half of young black people, 55%, Asian American people, 52%, and Latinxs, 43%, said they'll vote for Hillary Clinton in the election next month. Young white people surveyed were divided between Clinton and Trump, at 27% for each candidate.

The poll also found that support for third-party candidates Jill Stein and Gary Johnson was well below support for Clinton and Trump: Johnson's overall support was at 11% (driven mostly by white youth, at 15%) and Stein's overall support from the young people surveyed was at 4%.


"Our findings suggest that third-party candidates have only a limited appeal to Millennials, and to the extent that these candidates are popular, it is mostly among young whites and possibly in a few distinct swing states like Colorado," the authors wrote.