OnePoll conducted a study for Laurel Road, which looked into the financial burdens of Americans. The poll of 2000 Millennial and Gen z Americans found that 3 in 4 underwent stress due to managing their money.
About 65% of the study participants felt nervous about looking at their bank accounts. Another 75% were anxious about looking at their weekend bills, while 7 in 10 dreaded looking at their credit card statements.
The researchers concluded that the older participants felt more financial stress. For example, 65% of the Gen Z participants were worried about falling behind on their financial future. This number was smaller than 74% of millennials.
About 62% felt that money was a constant source of stress. Another 70% thought they had fallen behind financially compared to their peers.
How Americans deal with their financial burdens
Fortunately, the respondents were trying to deal with their financial problems. For example, about 65% felt less anxious after discussing their financial stress with others. Moreover, 76% thought they would be less stressed if they made a financial plan. About 79% said they would feel better if they knew how to achieve financial wellness. In addition, the average respondent felt they needed savings of about $3000 to alleviate their financial burdens.
Americans are trying to deal with their financial troubles
The participants seemed to be taking new approaches to their finances since the pandemic. They were taking measures such as paying more of their student loans (32%), purring away the savings they had during the pandemic (36%) and saving more monthly (44%).
According to the Chief Experience Officer and General Manager of Laurel Road, Alyssa Schaefer, millennials and Gen z often face financial challenges. The situation has become worse with the pandemic. Despite the setback, they are willing to work towards achieving financial wellness.
The researchers found that nearly 1300 participants had student loans. A portion of this group admitted to making huge sacrifices to pay them off (87%). Approximately 700 respondents had a federal student loan. About 1 in 5 of these worried that their federal forbearance period was ending. However, about 84% of millennials were more confident about making these payments than 71% of Gen Z.
About 48% said they were trying to understand their investment options.
