America This Week Wave 239

Latino Financial Literacy, Gen Z Eyes Blue-Collar Work, Middle-Class Retirement Anxiety, and the Return of Cool Britannia

The latest trends in society and culture from The Harris Poll

Good morning from LGA. 

Our America This Week coverage of culture and society is based on a survey conducted by The Harris Poll from September 19th to 21st among 2,128 Americans.

This week, we examine the state of U.S. Hispanic finances, how Gen Z is turning to blue-collar work, the uncertain retirement outlook for America’s middle class, and the return of Oasis and its lift of the ‘British’ brand.

Have a great rest of the week.

U.S. Hispanic Financial Literacy & Empowerment in 2024: MoneyLion-Harris Poll

Last month we reported a rise in Hispanic voter enthusiasm in data I presented at the DNC. Yet economic concerns continue to dominate voter choice. So we partnered with MoneyLion on “Understanding U.S. Hispanic Financial Literacy & Empowerment in 2024” and here’s what we found:

• A strong desire exists for financial education: Nearly half of all U.S. Hispanics (45%) are keen to learn more about saving money (v. 27%, 25%, and 33% of non-Hispanics, respectively).
• And (36%) want to master budgeting skills; (33%) are eager to navigate credit scores; 
• Yet a critical disparity: (68%) of Hispanics say they don’t have enough time to access financial tools and resources (compared to 51% of non-Hispanics).
• Social media advice: Nearly a quarter (24%) of U.S. Hispanics turn to platforms like Facebook and TikTok for money advice, compared to just (17%) of non-Hispanics. 

Takeaway: Only (54%) of U.S. Hispanics consider themselves financially literate vs. (69%) of non-Hispanics. The report suggests several ways to boost financial literacy in the Hispanic community: use social media platforms to deliver and engage financial tips; offer more culturally relevant services; make financial tools more easily accessible; create content that speaks to the Hispanic community; and push for politicians to prioritize financial literacy.

Younger Americans Turn to Blue-Collar Work: Credit Karma-Harris Poll

Blue-collar career paths are the latest workforce trend being embraced by Gen Z, according to a new Harris study with Credit Karma.

• College ROI in question: Nearly half (45%) of all Americans don’t see the value in a four year college degree, and even more of Gen Z (52%).
• Nearly a quarter (23%) of Americans who don’t currently do trade work say they plan to get into the profession. But that number jumps up to half (50%) of Gen Z and (42%) of Millennials.
• A majority (78%) of Americans say they’ve noticed a recent growing interest from young adults in pursuing trade careers. 

Takeaway: “Lately, there’s been a lot of warranted attention placed on the exorbitant cost associated with getting a four-year college degree, and healthy debate as to whether the return on investment is worth the expense,” said Courtney Alev, consumer financial advocate at Credit Karma. “The traditional four-year college path isn’t one-size-fits-all, and vocational and trade schools may offer an affordable path to well-paying, skilled trade jobs.”

American Middle Class and Its Risky Retirement Outlook: TCRS-Harris Poll

More than (40%) of Boomers are already retired and this year more will leave the workforce than any year prior. Yet our latest study with the Transamerica Center for Retirement Studies reveals the headwinds and lack of preparations for many middle-class retirees:

• Few are prepared: Only one in five people in the U.S. middle class (21%) are very confident in their ability to retire or maintain a comfortable lifestyle throughout their retirement fully.
• Fear of  outliving their savings and investments: This along with  declining health that requires long-term care worry (40% of middle-class American seniors.Also, fears that Social Security will be reduced or cease to exist in the future (39%), cognitive decline, dementia, Alzheimer’s disease (33%), and possible long-term care costs (32%).
• Dreams in doubt? The top retirement dreams among the middle class are traveling (67%), spending more time with family and friends (58%), pursuing hobbies (51%), doing volunteer work (23%), and taking care of their grandchildren (20%).

Takeaway: “By gaining knowledge and engaging in financial planning, the middle class can make better-informed decisions in their daily lives, which could, in turn, improve their long-term retirement prospects. However, they also need better, stronger societal support,” says Catherine Collinson, CEO and president of Transamerica Institute and TCRS.

The Return of Oasis and ‘Cool Britannia’ : QuestDIY

Tomorrow in London we’ll discuss the ‘Future of News’ at our new EMEA Headquarters. So it got us wondering what’s going on across the pond. We polled U.K. citizens via our Harris QuestDIY to gauge enthusiasm for the long-awaited Oasis reunion next summer. And well, people are pretty pumped up!

• Oasis is as massive as ever: The Manchester band broke up in 2009, yet (46%) of respondents still define themselves as “fans of Oasis.”
• Young fans too: Over one-third (37%) of U.K. respondents tried to get tickets, three-quarters (74%) of whom were 18–24 year olds. And men are a bit more amped for the tour dates, with (26%) “extremely excited” vs. (18%) of women.

Takeaway: “Our survey showed that the rush for tickets was driven more by kids in their teens and twenties who never got a chance to see Oasis the first time around, rather than people in their 40s and 50s trying to relive their youth,” says Gary Topiol, Managing Director of QuestDIY.