If it feels like everyone under 30 is stressed about money right now, that’s because we are.
A new national survey found that two in five twentysomethings are either “struggling to make ends meet” or “getting by with limited security.” Translation: broke, anxious and hoping the car doesn’t break down this month.
The data comes from a Harvard Institute of Politics poll of more than 2,000 Americans ages 18 to 29. And while financial stress has long been part of young adulthood, it’s now starting to look more like a permanent condition than a passing phase.
In fact, another survey from earlier this year backs it up. According to Credit One Bank, 39 percent of Gen Z adults say they feel stressed about their finances—the highest of any generation. They also reported the lowest levels of financial confidence and control.
The Harvard poll didn’t list specific causes, but it’s not exactly a mystery. Rent is up. Groceries are up. Gas is up. And those student loan payments that went away for a few years? Yeah, they’re back. All of this is hitting young adults at the exact moment their paychecks are at their smallest.
“It’s very expensive to pay for the basics today that everyone needs—food, shelter and a mode of transportation,” says John Bell, a certified financial planner in Maryland.
And even when you’ve got a degree, it doesn’t guarantee smooth sailing.
“Many young people [are] graduating with high levels of college debt,” Bell adds, “often in careers that aren’t paying enough to cover their loans and the basics.”
For millions of twentysomethings, the dream isn’t about getting ahead right now. It’s just about staying afloat.
