More than eight in 10 young adults rate the economy as 'bad' or 'terrible', according to a recent survey from Generation Lab, a research firm that studies young people. The survey, conducted with over 1,000 Americans aged 18 to 34, highlights the significant economic instability facing those entering adulthood.
Challenges in Achieving Financial Independence
Young people are already encountering the worst entry-level job market since the start of the pandemic, coupled with rising costs for essentials like gas and groceries. Nia West-Bey, executive director of the National Collaborative for Transformative Youth Policy, noted that long-term economic challenges on the income side, combined with reduced support from social safety nets and increased expenses, are creating a difficult environment.
Cloud Benn, a 23-year-old in New Orleans, works two retail jobs and as a writing tutor but still cannot afford to move out. Benn pays rent to their mother and is saving to move in with a partner next year. 'Even if you plan it down to the penny, nine times out of 10, it's never enough, especially in this economy,' Benn said.
Blame for Economic Conditions
When asked who is most to blame for the current economic conditions, 41% of respondents cited Donald Trump, while 31% pointed to 'corporate greed and large companies'. The survey underscores the widespread frustration among young adults.
Kassandra Martinchek, senior research associate at the Urban Institute, noted that while initial financial independence is always challenging, this period presents unique difficulties such as less reliable income, harder access to work, and persistent cost pressures. Starting a career during an economic downturn can have long-term scarring effects, as Lindsay Owens, executive director of the Groundwork Collaborative, explained: 'People who start their careers during difficult economic periods may never catch up to their peers.'
Personal Stories of Struggle
Tanajia Moye-Green, a 25-year-old PhD student in California, said academic fellowships barely cover survival. As a first-generation, low-income student, she tries to send money to her family but finds everything expensive. Recently, she avoided an ambulance due to cost. Raven Khreis, a 19-year-old college student in Buffalo, New York, noted that gas was nearly $5 a gallon, prompting her and friends to carpool. Shaniya Taylor, 21, in Florida, said electricity bills are a major expense after a rate hike by Florida Power & Light, making it difficult to afford moving out.
West-Bey pointed to data from the Center for Information & Research on Civic Learning and Engagement after the 2024 election, which identified 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.
