More than eight in 10 young adults rate the economy as 'bad' or 'terrible', according to a recent survey from Generation Lab. The survey, conducted with over 1,000 18- to 34-year-olds across the US, highlights the challenges young people face as they try to build financial independence amid rising costs and a difficult job market.
Struggling to Establish Adulthood
Young adulthood is traditionally a time for establishing independence, but many are finding it increasingly difficult. Nia West-Bey, executive director of the National Collaborative for Transformative Youth Policy, noted that long-term economic challenges on the income side, coupled with rising expenses, create a tough environment. 'It's demoralizing to be trying to establish yourself in this time of life, and just not seeing a way,' she said.
Cloud Benn, 23, of New Orleans, works two retail jobs and as a writing tutor but still lives with their mother due to high housing costs. 'Even if you plan it down to the penny, nine times out of 10, it's never enough,' Benn said. They are saving to move in with their partner next year.
Blaming Trump and Corporate Greed
The Generation Lab survey also asked who respondents blame for the economic conditions. 41% cited Donald Trump, while 31% pointed to 'corporate greed and large companies'.
Unique Challenges for Today's Youth
Kassandra Martinchek of the Urban Institute noted that while financial independence has always been tough, today's young adults face unique pressures. Income from jobs is less reliable, and it's harder to connect to work, all while costs rise. Starting a career during an economic downturn can have long-term scarring effects, according to Lindsay Owens of the Groundwork Collaborative.
Tanajia Moye-Green, a 25-year-old PhD student in California, said academic fellowships barely cover survival. As a disabled Black woman, she feels stability is elusive. She recently avoided an ambulance trip due to cost.
Community and Uncertainty
Raven Khreis, 19, of Buffalo, New York, carpools with friends to save on gas. She works as a restaurant hostess and an unpaid internship. 'Most of us feel pretty uncertain of when we will be able to actually move out,' she said. Shaniya Taylor, 21, of Florida, said electricity bills are a major expense, and housing would cost more than her monthly paycheck.
West-Bey pointed to data from Circle after the 2024 election, showing economic conditions as a top issue for young people. 'It is really difficult to do long-term planning if you don't know where you're going to lay your head at night,' she said.
