Young Americans are turning to budgets and side hustles to ease financial stress

Young Americans are still feeling the effects of higher prices — and it’s stressing them out, according to new data, with many turning to budgets and side jobs to ease their worries.

In a recent Intuit survey of 2,000 Americans ages 18 to 35, the top source of stress was the cost of living, cited by more than three-quarters of respondents. Almost half pointed to job insecurity; 46% said rent and housing costs were weighing on them; 41% cited debt; and nearly a third noted concerns about affording unexpected emergencies.

The survey results come as the labor market has remained strong and inflation has eased but also remained stubborn.

To deal with financial stress, young Americans are finding ways to boost their cash flow or get a handle on their spending, according to Intuit. More than 40% of respondents said it improved their financial stress, while a similar percentage said they have created a budget, which they say has improved their relationship with money.

Yet nearly a third said they did not have a clear strategy for dealing with chargebacks. And dealing with financial challenges can be harder for those without savings to fall back on: According to the survey, 38% of women and 25% of men said they had insufficient emergency savings.

Another recent survey by the Certified Financial Planning Board found that the majority of those with debt worried about the long-term effect it would have on their financial well-being.