New CNBC/Generation Lab youth survey finds abortion bans turn away half of young talent

The youngest generation of American workers is more willing to move away from states that ban abortion and more willing to turn down job offers in states that already have restrictions in place. new survey Information obtained from CNBC/Generation Lab.

“Youth and Money in the United States” The survey of 1,033 people between the ages of 18 and 34 found that nearly two-thirds of respondents, 62%, would “probably not” or “definitely not” live in a state where abortion is banned.

And 45% of those surveyed said that if they were offered a job in a state where abortion is illegal, they would either “definitely reject” or “probably reject” the offer. Another 35% said they would “probably accept” the job. And only 20% of respondents said they would definitely take the job.

“These data on abortion have huge implications for almost every major company in America,” said Cyrus Beschloss, CEO of The Generation Lab. “Companies should be aware that when they locate in one of these states they will drive away, or at least scare away, a large portion of the young talent they are trying to hire.”

The 2022 Supreme Court decision overturning Roe v. Wade triggered a series of legal challenges and legislative efforts at the state level. In the last two years, more than 20 states Access to the process is either banned or restricted.

Yet such findings suggest that state abortion restrictions could have a profound impact on how and where the next generation of American workers will live. And by extension, on the companies that will hire them.

The CNBC/Generation Lab survey was conducted between April 26 and May 2 and has a margin of error of +/- 3.1%.

The survey also found that respondents’ opinions were negative economy Many people would consider it strong.

Despite historically low unemployment rates, only 6% of those surveyed consider the current job market “great.” Another 38% said it was “satisfactory”, while 44% felt “very bad” was most accurate, and 11% chose “extremely bad”.

latest employment report Data released last Friday by the US government showed that job growth slowed more in April than economists expected. But the overall unemployment rate is below 4% for the twenty-seventh consecutive month, indicating that the overall job market is still strong. The same report showed annual wage growth for the twelve months to April was 3.9%, the first time it has fallen below 4% since June 2021.

The CNBC/Generation Lab survey also found that Americans between the ages of 18 and 34 feel most vulnerable to high inflation. After the Federal Reserve left rates unchanged At its most recent meeting, Chairman Jerome Powell said, “Inflation is still very high.”

Still, the path to bringing it down is “uncertain,” Powell said at a news conference in Washington.

The survey revealed that 54% of respondents feel that inflation has the greatest impact on the “cost of food”. Rent inflation came in second, with 22% saying this was where they felt high prices the most, followed by discretionary spending, health care costs and utility bills.

High prices also emerged as a major concern when it came to housing, with 68% of those surveyed saying they felt housing was available, but “not affordable.” An additional 21% said housing was “too hard to find.”

Mortgage rates remain high in the 7.5% range. Those high rates make it difficult for existing homeowners to trade up, and the lack of turnover results in many potential first-time buyers being locked out.

“A lot of young people are trying to buy a home, but there are serious challenges right now,” said Delano Saporu, CEO of New Street Advisors Group, a wealth management firm that focuses on young investors. Saporu described its customers as largely middle-income with stable jobs and salaries.

“The rates are placing additional pressure on customers’ budgets and limiting their ability to make purchases right now,” he said. “Many are waiting and hoping that future Fed cuts will lower mortgage rates.”

Both Sapporo and the survey found that enthusiasm for investment has waned after the market boom last year. When asked by CNBC/Generation Lab pollsters how they invest their money, 42% of respondents said they are “not investing or saving right now.” Another 18% said they keep all their money in cash.

“Enthusiasm for buying stocks has waned,” Saporu said. “People are less optimistic about investing because the market has stopped going up so fast.”

Only 17% of the youth in the survey said that they are currently investing in stocks.

“While in years past clients might have heard about some random crypto coin or stock and wanted to get involved, I’m seeing a lot less of that now,” Saporu said.

Two major social issues are prominent for a large majority of respondents in this survey. The first is TikTok. President Joe Biden recently signed a bill The measure passed by Congress with an overwhelming majority could force the Chinese owner of the popular app to sell the company or face US sanctions.

Presented with two options for how the government should proceed with TikTok, a large majority of survey respondents – 70% – said it should “allow TikTok to operate as usual.” Another 30% said they would prefer the US to ban TikTok.

The second social issue is the growing debate over the four-day workweek. In a recent exclusive interview on CNBC, New York Mets owner and head of hedge fund Point 72 Steve Cohen said he believes a four-day work week is a realistic possibility.

Of the young people surveyed, 81% said they believed it would make their workplace more productive, while only 19% said productivity would be affected.

Yet at this point in the presidential race it is not clear who is most threatened by Kennedy’s candidacy, Biden or Trump. Recent polling suggests that Kennedy, a vaccine skeptic from a Democratic dynasty, may actually be Draw more support from Trump More than he does Biden.

Additionally, 40% of respondents believe Trump will be more effective in handling the economy, compared to 34% for Biden and 25% for Kennedy.

Generation Lab’s Beschloss called those figures “shocking” for Democrats.

Yet this year, the fallout from inflation and economic pessimism may be overwhelmed by a massive wave of reproductive rights voters who increasingly defect to Democrats at the ballot box.

Several states are also expected to put initiatives on the ballot in November that would add abortion rights to their constitutions. Battleground Arizona and Republican-friendly Florida are two places where these initiatives could energize Democratic voters.