Financial stress left Generation Z and Y sleepless

According to a new survey, Generation Z and Millennials are losing more sleep than older generations due to their finances.

According to a survey conducted by financial services company Empower in August, which received responses from 2,000 Americans over the age of 18, 56 percent of Generation Z and 51 percent of Generation Y said their financial situation is keeping them up at night. at night. This rate was measured at 37 percent among Generation X and 20 percent among baby boomers.

THE CAUSES OF FINANCIAL STRESS ARE DIFFERENT AMONG GENERATIONS

When it comes to the leading cause of financial stress, a surprising generational divide emerged.

While Gen Z and Millennial respondents were much more stressed about housing, the topics that caused the most financial stress for Gen X and baby boomer respondents were politics, inflation, and rising taxes. costs of goods and services.

67 percent of Gen Z and Millennial respondents said higher home prices and mortgage rates are contributing to their financial stress. This rate was advertised as 38 percent in Generations X and Baby Boomers.

According to census data, the homeownership rate in the US in 2022 was 65.8 percent, while only 39 percent of adults under the age of 39 owned property.

BELIEVE THEY CAN’T OWN A HOUSE

On the other hand, striking results were obtained in the survey carried out by the real estate company Redfin to more than 5 thousand people in May and June.

Survey results revealed that nearly a third of Gen Z and Millennial respondents think mortgage rates are too high to allow them to purchase.

Nearly a fifth of millennials and just over 10 percent of Generation Z said they believe they will never be able to own a home.