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Why building a stable financial life feels harder for young Americans
Experts discuss inflation, jobs and housing — and offer practical advice for Gen Z and millennials.March 31, 202611:00 AM UTCUpdated April 1, 2026The Reuters Affordability Gap event focused on Gen Z and millennials, in New York City. REUTERS/Eduardo MunozInflation is driving up prices. The job market is patchy. And a lack of affordable housing is squeezing budgets. Why does creating a stable financial life feel harder than ever?Experts at a March 26 event in New York hosted by Reuters and civic group A Starting Point offered these tips for Gen Z and millennials to build wealth and cut costs.Take AI SeriouslyIt’s harder for younger Americans today to build wealth than parents, argues Ed Elson, co-host of the Prof G Markets podcast and host of the First Time Founders podcast. His advice? Jump on the artificial intelligence bandwagon, pronto. But do it in a way that allows you to differentiate yourself from the technology.Ed Elson. REUTERS/Eduardo MunozBe curious. AI is one of the least curious entities on the planet.Ed ElsonFor example, AI is bad at meeting people and networking, Elson says. Connecting with people and creating relationships can be your own unique superpower.“Take AI seriously as a young person,” Elson says. “What can you do that AI cannot do?” Put your mind to work, and allow yourself to daydream, too. Read fiction as well as nonfiction voraciously. Stand up for your rightsOne of the most effective ways to make your voice heard is voting – not just in federal elections, but getting involved at the local level, says New York City Council member Chi Ossé, who was elected into office at age 23 and represents Brooklyn’s Crown Heights and Bedford-Stuyvesant neighborhoods.Voting in local elections is so important, especially when it comes to issues of affordability.Chi OsséChi Osse at the Reuters Affordability Gap event. REUTERS/Eduardo MunozThat is because local representatives have much more of a say when it comes to issues that impact daily life, including rent control laws, than someone like the president or Congress, Ossé argues.Ossé’s other top tip? Get yourself a Citi Bike membership if you live in New York City – and take advantage of bike sharing programs if you live elsewhere – to save on gas, parking or the cost of car services. “It’s a lot quicker and a lot cheaper,” Ossé says.Look beyond collegeA college degree can provide one path to prosperity, but it is not the only one, argues Aaron Hedlund, the chief economist for domestic policy...
Young Americans Feel Like Wealth Is Out of Reach, New Survey Shows
Young Americans increasingly feel the financial system is stacked against them, pushing long-term goals further out of reach and forcing many into survival mode, according to a new survey from Beyond Finance, a debt consolidation company, and Operation HOPE, a financial literacy non-profit. The survey reveals a widening gap between traditional financial guidance and the economic realities younger generations face, with 7 in 10 indicating wealth is out of reach as survival spending becomes the norm. A growing share of Gen Z and Millennials feel the financial system is working against them, not for them, with just 32 percent reporting the “American Dream” feels very realistic today. Nearly 60 percent of respondents said their generation was set up for financial failure. Seventy-one percent of respondents believe wealth-building opportunities are becoming less achievable, and 68 percent believe they have been financially set back. A further 65 percent say financial literacy places too much responsibility on individuals and overlooks the broader economic picture, while 75 percent say financial knowledge alone will not make homeownership attainable. "We're asking these younger generations to follow financial rules that no longer fully reflect today's reality," said John Hope Bryant, founder, chairman, and CEO of Operation HOPE. "Budgeting alone won't close the gap. This is a moment to reimagine financial education, to equip people not just to survive, but to thrive, build wealth and claim their rightful place in today's economy." Despite these hurdles, traditional markers of success—especially homeownership—remain key aspirations, underscoring the growing gap between expectations and reality. Rising economic pressures are shifting financial behavior from long-term planning to daily decision-making focused on immediate needs. More than 70 percent of respondents say a side hustle or additional income is required to keep up, while nearly 80 percent report using “survival spending” tactics to get by. Buy now, pay later services have also become an increasingly common strategy, with 32 percent of respondents reporting they have used such services for essentials like groceries and utilities. Nearly 1 in 3 describe themselves as “barely surviving” financially, and 26 percent say they would prioritize covering basic living expenses if they received a financial windfall. More than 40 percent report challenges with saving, paying down debt and maintaining financial...
Tariffs Are Driving Americans to Bankruptcy — What the Numbers Mean for You
Tariffs are now the second-leading cause of bankruptcy in America, cited by 41.7% of filers. Here's what the numbers mean — and what your options are.
Tariffs Are Driving Americans to Bankruptcy
Tariffs and the broader cost of living crisis are pushing more Americans toward financial breaking point, a new survey has found. What To Know According to a…
