The survey shows that Gen Z and women are most stressed about money

On January 17, 2025By Littum

While one in three Americans typically live paycheck to paycheck, new research revealed that women and Generation Z, or adults ages 18 to 28, are currently experiencing the most financial stress.

Stagnant wages, rising student loan debt and the gender pay gap all contribute to economic generational gaps, a Credit One Bank survey of 1,000 American adults released Tuesday found.

The new research also revealed that less than 10% of Americans learned about personal finance in school, but younger generations are more likely to discuss money with their parents than members of Generation X – people between 45 and 60 – and Baby Boomers aged 61 to 79 Yet Credit One Bank concluded that more than 50% of Generation Z enter adulthood without formal financial literacy education.

“This study reveals a clear correlation between rising concerns about personal finances and the lack of basic financial education across generations,” Credit One Bank Chief Credit Officer Steve Min said in a statement. “This data helps us better understand the general consumer audience and how we can better support the need for expanded financial education.”

When did each generation become responsible for their personal finances?

The survey found the same amount of Baby Boomers and Generation Z – 89% – started managing their own bills before they were 24. However, there is a stark difference between how the two groups learned about personal finance. Nearly half of Baby Boomers reported that they taught themselves, compared to just 11% of Generation Z, a majority of whom said their parents taught them.

Among Gen Xers, 87% began managing their finances before the age of 24. Millennials, or people between the ages of 29 and 44, took control of their finances a little later, with 79% managing their bills before 24 and another 15% managing their bills before 30 .The survey found that about half of Generation X and Millennials said they learned about personal finance from their parents or family.

Generations disagree on whether debt is ‘normal’

About one in three Americans across generations reported having a “significant” fear of debt, but half of Generation X participants said it was “a normal part of life.”

That’s a sizable increase from the 35% of Baby Boomers who said they considered debt normal based on family experiences growing up.

Just behind Generation X, 48% of Millennials reported that they considered debt a normal part of life.

Generation Z respondents bucked the trend, and more agreed with Baby Boomers. Only 39% of the youngest generation surveyed said they considered debt a normal part of life.

How stressed is each generation about money?

Each generation agreed that their biggest barrier to financial stability is the high cost of living in the United States, which can contribute to stress.

Across generations, 48% of women reported feeling stressed and worried about their finances compared to 38% of men. The study suggests this is likely because women earn less income than men, pointing out that “households with women as the primary wage earners had 55 cents of wealth for every dollar in households with male wage earners.”

While 59% of Generation Z, the highest amount of any generation, reported feeling stressed and anxious, the survey found that Generation X feels the least confident about their finances. Just over half of Millennials reported stress and anxiety about their finances, compared to just 29% of Baby Boomers.

Reach Rachel Barber at [email protected] and follow her at X @rachelbarber_