Adulting is hard. It’s even harder when the economy is in a downturn period.
A new study of over 300 Gen Z adults (ages 18-25) conducted online by The Harris Poll and DailyPay told the tale of delayed adulthood for many young people due to rising living costs, which is keeping many Gen Zers in the homes they grew up in. As many as 54% of 18-25-year-olds to be exact.
Additionally, only 28% of Gen Zers shared they are able to pay all of their bills on time according to the survey’s findings.
“This report demonstrates the need for employers to provide meaningful and impactful financial benefits to help their employees, particularly Gen Z, despite the negative effects of inflation,” said Kevin Coop, CEO of DailyPay.
This survey was conducted online within the United States by The Harris Poll on behalf of DailyPay from October 3-5, 2022 among 3,037 U.S. adults ages 18 and older, among whom 353 are Gen Z (ages 18-25), according to a news release.
The report also revealed younger generations have a darker outlook of the economy than people their age in the past. About 80% of this younger demographic feel the economy will either stay the same or decline over the next 12 months, according to the report. What’s more, 41% are worried it will be more challenging to pay their bills (e.g., utilities, medical, credit card, insurance) due to high inflation, and 38% are worried they won’t be able to afford their daily essentials.
They are also not saving as much money as they’d like either.
About 78% say their savings aren’t as robust as they were last year, if they’ve saved anything at all.
But some Gen Zers are hopeful. Only one-third (33%) are worried it will be more challenging for them to buy a house because of inflation and only 20% are concerned about it being more difficult to pay for healthcare for parents or family members, according to the report.