A new report suggests that young adults think their older counterparts had it easier financially.
The insight comes from according a poll of 2,000 adults conducted for USA Today by the Harris Poll. The rep0rt revealed that 74% of millennials and 65% of Gen Zers are lagging behind Gen Xers and Boomers that were dealing with a more stable economy during their young adult years.
“They’re telling us they can’t buy into that American Dream the way that their parents and grandparents thought about it—because it’s not attainable,” Harris Poll CEO John Gerzema said in an interview with USA Today, also noting there’s “an entire generation that feels like they’re coming of age in sort of this fractured, divisive world.”
The outlet spoke with young adults about their outlook on the American Dream and found that many feel like they’re living in a nightmare.
“I think maybe for (older generations), they focused more on … having a job where you can have good money, support yourself, support your family, and even have more leftover or plan ahead for the future for retirement,” said Matt Marino, a 27-year-old teacher based in New York. The outlet shared that he believes his generation faces “exponentially greater” financial hardships than previous ones. “It’s little different now for, for me and my generation.”
He isn’t wrong.
A December 2022 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.
As previously reported by ESSENCE, the report showed that only 28% of Gen Zers shared they are able to pay all of their bills on time according to the survey’s findings.
Kevin Coop, CEO of DailyPay said in a statement, “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.”