- 13 May 2024 06:01
#15315398
The cost-of-living crisis is so bleak that some Gen Zers genuinely fear becoming homeless
The Money Matters Report, an examination into American financial concerns, over 5,000 U.S. consumers were surveyed by the saving and investing app Acorns about their attitudes and their concerns.
Nearly a quarter of respondents said they're actively concerned that the state of their finances could lead to homelessness. Broken down by generation, about a third of Gen Z and millennials said so, compared to just 11% of boomers.
In December 2023, officials announced the U.S. experienced a 12% year-over-year increase in homelessness, bringing the nation to its highest reported level. The causes varied from impossibly steep rents, stagnant wages, and pandemic assistance payments sputtering to a stop.
The main culprits behind the explosion in homelessness are "the shortage of affordable homes and the high cost of housing that have left many Americans living paycheck to paycheck and one crisis away from homelessness," Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, said.
That aligns with the findings in Acorns’ report; for workers across income brackets, the three biggest financial concerns are cost of living, inflation, and debt.
As Fortune's Alena Botros wrote, "since the pandemic-fueled housing boom, with both home prices and rents up substantially and mortgage rates at the highest level in decades, the single-family home has become much less accessible."
Over half of respondents said events like war and conflict could further imperil their finances.
Other issues are a skyrocketing cost of living amid enduringly high inflation and debt.
Nearly 30% of respondents told Acorns they’ve never had an emergency fund to begin with, but among those who do have one, most say they’re upping their contributions, suggesting fears over losing stability have galvanized workers to prioritize saving.
Only around one-third of respondents said they expect to be more financially secure next year than they are now. Things generally skew more optimistic for the older crowd. The silent generation (which Acorns defines as those over 78 years old) were over twice as likely as the rest of the general population to claim they have no financial concerns at all.
The cost-of-living crisis is so bleak that some Gen Zers genuinely fear becoming homeless, by Jane Thier, Fortune (magazine), May 11, 2024
New Study Shows 1/3 Of Young Adults Worry About Homelessness
Acorns, a leading saving and investing app, today released its 2024 Money Matters Report, shedding light on the current financial concerns gripping Americans. The report reveals approximately a third of Gen Z and Millennials (29% and 32% respectively) responded that they fear their financial situation could lead to experiencing homelessness, which is nearly three times more than Boomers and older respondents (11%).
The major drivers behind this fear, and the top three biggest financial concerns among adults, are cost of living, inflation and debt.
Noah Kerner, Acorns CEO, explains "If you're afraid you might lose your job, or not make enough income to combat inflation, and can't borrow money at reasonable rates, then it doesn't seem out of bounds to be worried about not having a home."
New Study Shows 1/3 Of Young Adults Worry About Homelessness, Liz Frazier, Forbes (magazine), May 9, 2024
related threads:
A dark shadow belies the current U.S. jobs report (in Economics, 5 May 2024)
Commercial foreclosures increase 97% from last year to near decade-high (U.S.) (in Economics, 28 Mar 2024)
The young are struggling to adapt to a chaotic and competitive world they haven't been prepared for (in Economics, 23 Apr 2024)
Young adults are still financially reliant on parents (in Economics, 26 Jan 2024)
Younger generation packs together with roommates because housing so expensive (in Economics, 30 Nov 2023 )
Elderly falling into homelessness (in Economics, 13 Sep 2023 )
The Money Matters Report, an examination into American financial concerns, over 5,000 U.S. consumers were surveyed by the saving and investing app Acorns about their attitudes and their concerns.
Nearly a quarter of respondents said they're actively concerned that the state of their finances could lead to homelessness. Broken down by generation, about a third of Gen Z and millennials said so, compared to just 11% of boomers.
In December 2023, officials announced the U.S. experienced a 12% year-over-year increase in homelessness, bringing the nation to its highest reported level. The causes varied from impossibly steep rents, stagnant wages, and pandemic assistance payments sputtering to a stop.
The main culprits behind the explosion in homelessness are "the shortage of affordable homes and the high cost of housing that have left many Americans living paycheck to paycheck and one crisis away from homelessness," Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, said.
That aligns with the findings in Acorns’ report; for workers across income brackets, the three biggest financial concerns are cost of living, inflation, and debt.
As Fortune's Alena Botros wrote, "since the pandemic-fueled housing boom, with both home prices and rents up substantially and mortgage rates at the highest level in decades, the single-family home has become much less accessible."
Over half of respondents said events like war and conflict could further imperil their finances.
Other issues are a skyrocketing cost of living amid enduringly high inflation and debt.
Nearly 30% of respondents told Acorns they’ve never had an emergency fund to begin with, but among those who do have one, most say they’re upping their contributions, suggesting fears over losing stability have galvanized workers to prioritize saving.
Only around one-third of respondents said they expect to be more financially secure next year than they are now. Things generally skew more optimistic for the older crowd. The silent generation (which Acorns defines as those over 78 years old) were over twice as likely as the rest of the general population to claim they have no financial concerns at all.
The cost-of-living crisis is so bleak that some Gen Zers genuinely fear becoming homeless, by Jane Thier, Fortune (magazine), May 11, 2024
New Study Shows 1/3 Of Young Adults Worry About Homelessness
Acorns, a leading saving and investing app, today released its 2024 Money Matters Report, shedding light on the current financial concerns gripping Americans. The report reveals approximately a third of Gen Z and Millennials (29% and 32% respectively) responded that they fear their financial situation could lead to experiencing homelessness, which is nearly three times more than Boomers and older respondents (11%).
The major drivers behind this fear, and the top three biggest financial concerns among adults, are cost of living, inflation and debt.
Noah Kerner, Acorns CEO, explains "If you're afraid you might lose your job, or not make enough income to combat inflation, and can't borrow money at reasonable rates, then it doesn't seem out of bounds to be worried about not having a home."
New Study Shows 1/3 Of Young Adults Worry About Homelessness, Liz Frazier, Forbes (magazine), May 9, 2024
related threads:
A dark shadow belies the current U.S. jobs report (in Economics, 5 May 2024)
Commercial foreclosures increase 97% from last year to near decade-high (U.S.) (in Economics, 28 Mar 2024)
The young are struggling to adapt to a chaotic and competitive world they haven't been prepared for (in Economics, 23 Apr 2024)
Young adults are still financially reliant on parents (in Economics, 26 Jan 2024)
Younger generation packs together with roommates because housing so expensive (in Economics, 30 Nov 2023 )
Elderly falling into homelessness (in Economics, 13 Sep 2023 )
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- By Unthinking Majority
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