Gen Next Squeezed By Recession, But Most See Better Times Ahead

Younger Americans have also found some unique ways to respond to the financial situation. Nearly four-in-ten people ages 18 to 29 say they have cut back spending on alcohol or cigarettes, and a third report having changed to a less expensive cell phone plan or cancelled their service altogether.

About one-in-five young adults (21%) say they have either moved in with a friend or relative or have had a friend or relative move in with them because of the recession. This is the case for fewer than 10% of people 30 and older.