Inflation is forcing young adults to view their life priorities in a different way.
Per a new report from financial services firm Edward Jones, Next360 Partners and MarketCast, the majority (80%) of zillennial respondents (ages 18 to 34) currently view themselves as struggling or merely surviving in life. Fortunately, they are still hopeful about the future.
The existential revelations come as younger millennials and older Gen z continue to navigate their formative years. This stage, whichc is described in the rep0rt as ’emerging adulthood’, which includes our society’s next leaders, consumer and homemakers, is being punctuated by the effects of the pandemic and subsequent cost of living crisis.
“Our research offers a deeper understanding of GenNext, an age group defined by their shared experiences, not the year they were born,” said Lena Haas, head of Wealth Management Advice and Solutions at Edward Jones in a statement. “With most worried about rising costs and an inability to save, this will have vast implications for the wealth management industry. Our purpose calls us to identify how we might help this age group plan and reach their life goals — across health, family, purpose and finances.”
Other key findings from the report include data about how the generations’ financial behavior, including their attitudes toward retirement. For instance, it was found that the groups think positively about retirement, but they doen’t expect to enjoy the same level of financial stability as their older peers.
“The study challenges many of the popular assumptions about today’s young adults,” said Dr. Joe Coughlin, senior advisor to NEXT360 Partners in a statement. “Despite many stereotypes that range from funny to frivolous, GenNext is hardworking, ambitious, and navigating the uncertainty that goes both with their life stage and the social and economic challenges of life today. Despite being born in the digital era and portrayed as happiest on their devices, GenNext are happy homebodies, with more than half (58%) reporting they feel most fulfilled when spending time with family and friends. Although they may have a clear picture of what they want their lives to look like in the next five years, only one in three (36%) are prioritizing finances to get there.”
