A new study revealed both Gen Z and millennials are fearful of financial insecurity and homelessness in the coming years.
The study from Acorns showed that 29% of Gen Z and 32% of Millennials shared this fear. The study began back in February with nearly 5,000 participants over the age of 18.
For just over a week, respondents from Gen X, boomers, and the Silent Generation were asked about their finances, leading to findings that a sizeable amount of Gen Z and millennials living in financial fear.
Additionally, the survey revealed both Gen Z and millennials obsess over money, capping between 28% and 33%.
The survey also showed each group to be more worried about homelessness, versus their boomer counterparts.
“Everyday Americans are so concerned about their finances that nearly 1 in 4 worry about experiencing homelessness,” the study said. “Only 35% of Americans think they will be more financially secure next year than they are now.”
These findings come from two generations who’ve experienced a recession, a global pandemic, and an increase in inflation.
The latest consumer reports revealed Americans haven’t felt this bad about the economy since last fall, leading to the broader issue of the rising inflation costs.
The Fed is expecting inflation to rise to 3.5%, an increase from the central bank’s 2% target.
More and more Angelenos in this category are moving away from the city. Los Angeles saw 40% of millennials move to smaller cities, according to a Hire A Helper study. Roughly 16% of the generation still live at home with their parents.
One of the Acorns study’s notable findings was that Americans’ top three financial concerns were the cost of living, inflation, and debt.
With the high cost of living and stagnant wages, many Americans, including Angelenos, struggle to afford an unexpected expense of $1,000.