Tags: millennials | education | literacy | US

Report: US Millennials Lag Their Counterparts Overseas

By    |   Thursday, 12 March 2015 09:00 AM

Much hue and cry has arisen over the failure of many millennials — those born in the early 1980s and afterward — to find good jobs. But maybe there's a good reason for that failure.
 
"Millennials may be on track to be our most educated generation ever, but they consistently score below many of their international peers in literacy, numeracy and problem solving," according to a study by the Educational Testing Service (ETS).
 
That sorry state of affairs comes "despite [U.S. millennials] having the highest levels of educational attainment of any American generation."
 
And the finding holds true for our millennials across the board, including those who are the best educated, native born and from the wealthiest segment of society.
 
"Equally troubling is that these findings represent a decrease in literacy and numeracy skills for U.S. adults when compared with results from previous adult surveys," the report states.
 
"We really thought [U.S.] millennials would do better than the general adult population, either compared to older co-workers in the U.S. or to the same age group in other countries," Madeline Goodman, an ETS researcher who co-authored the study, tells Fortune.
 
"But they didn't. In fact, their scores were abysmal."
 
Another interesting study about millennials shows they are afraid to invest in financial markets, thanks to the financial crisis of 2008-09
 
The Capital One survey, released exclusively to CNNMoney, shows that almost 60 percent of millennials distrust financial markets. And 93 are less confident about investing as a result of that distrust and a lack of investment knowledge.
 
A State Street study produced similar results, showing that millennials devote 40 percent of their investment portfolio to cash, despite record low money-market rates.
 
"Millennials are quite gun shy when it comes to investing. You can't blame them: it's rational behavior," Suzanne Duncan, global head of research at State Street's Center for Applied Research, tells CNNMoney. "There's a comfort in cash that's far more powerful than the lure of the markets."

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Much hue and cry has arisen over the failure of many millennials — those born in the early 1980s and afterward — to find good jobs. But maybe there's a good reason for that failure.
millennials, education, literacy, US
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2015-00-12
Thursday, 12 March 2015 09:00 AM
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