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Insight of the Day: Gen Z, millennials concerned about their finances leading to homelessness, new study shows

Key Findings:

  • Fear of Homelessness:  A significant portion of Gen Z (29%) and Millennials (32%) worry that their finances could lead to homelessness. This fear is much higher than that of older generations.

  • Financial Obsession: Gen Z (28%) and Millennials (33%) report an inability to enjoy life due to constant financial worries.

  • Acorns Customers Feel More Secure: Acorns customers showed higher financial confidence than the general population, suggesting that financial tools and education may offer some relief.

Main Stressors:

  • Cost of Living and Inflation:  These are top financial concerns across all income groups.

  • Debt: Also a major stressor for many Americans.

  • Impact of Global Events: Over half of respondents are worried about how war and other global conflicts could affect their financial security. This concern is heightened among those with higher education and income levels.

Wish for Early Education:

  • Many respondents, especially Gen Z and Millennials, wish they learned more about finances as children.

  • A significant portion of those without early financial education believe they would be more financially secure today if they had received it.

Additional Notes:

  • This study underscores the intense financial pressures felt by younger generations.

  • The findings point to a need for increased financial literacy education starting from a young age.

  • Financial tools and services like Acorns may potentially help alleviate some of these anxieties. pen_spark

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