According to a recent survey by Intuit, financial stress is prevalent among young Americans, with 61% of the 2,000 participants aged between 18 to 35 reporting so. The predominant causes of this stress arise from the high cost of living, job insecurity, and mounting debts.
Specifically, over three-quarters of the stressed respondents identified overall living expenses as a source of their worries, while nearly half expressed concerns over job security. Rent, housing costs, and debt were other considerable stressors, reported by 46% and 41% of respondents respectively. Additionally, one-third of the participants voiced concerns about affording emergency expenses.
In an attempt to alleviate this stress, young Americans are resorting to various means to improve their financial standing. Over 40% have taken up side jobs, claiming these have alleviated their financial worries. A similar proportion have taken to budgeting, testifying that it has boosted their relationship with money.
However, despite these efforts, nearly one-third of those surveyed stated they lacked a clear strategy to handle monetary setbacks. Having inadequate emergency savings made the situation tougher, as claimed by 38% of female participants and 25% of male participants. These findings are also backed by a study from the Certified Financial Planning Board, which shows that a majority of debt holders are worried about the long-term impact on their financial health.