A new study indicates that while about one in three Americans regularly struggles to make ends meet, women and those from Generation Z (ages 18 to 28) are under the most financial pressure.

The findings from a Credit One Bank survey of 1,000 American adults identify stagnant salaries, rising student loan debts, and the ongoing gender wage gap as significant factors creating financial disparities between generations.

Furthermore, the research reveals that fewer than 10% of Americans received formal education in personal finance during their school years. However, it appears that younger generations are more inclined to discuss financial matters with their parents compared to Generation X (ages 45 to 60) and Baby Boomers (ages 61 to 79). Despite this, the survey concludes that over half of Generation Z enters adulthood without any solid financial literacy training.

“This survey highlights a strong connection between rising concerns about personal finance and the inadequate availability of fundamental financial education across different generations,” stated Steve Min, Chief Credit Officer at Credit One Bank. “This information allows us to gain better insights into the consumer landscape and informs our efforts to enhance financial education resources.”

When Do Generations Take Charge of Their Finances?

The survey found that 89% of both Baby Boomers and Generation Z began managing their finances before turning 24. However, there is a notable difference in how they acquired their financial knowledge—nearly half of Baby Boomers indicated they learned it themselves, compared to just 11% of Generation Z, most of whom learned from their parents.

Among Generation X, 87% started handling their finances before age 24. Millennials (ages 29 to 44) tended to get a later start, with 79% managing their bills before reaching 24 and an additional 15% managing them before age 30. Around half of both Generation X and Millennials stated they learned about personal finance from family members.

Different Views on Debt Across Generations

Approximately one in three Americans from all generations expressed significant anxiety about debt, yet half of Generation X participants perceive it as “a normal part of life.”

This marks a considerable rise from the 35% of Baby Boomers who also regarded debt as normal, rooted in their upbringing.

Close behind Generation X, 48% of Millennials also view debt as a standard aspect of life.

However, Generation Z shows a contrast; a mere 39% of this youngest group aligns with Baby Boomers’ views, indicating they don’t see debt as normal.

Generational Differences in Financial Stress Levels

All generations acknowledge that the high cost of living in the United States is their primary hurdle to achieving financial stability, contributing to stress levels.

Among women, 48% reported feeling stressed and anxious about their finances, compared to 38% of men. This discrepancy is possibly linked to women earning less than men, since “households led by women had only 55 cents in wealth for every dollar held by male-led households.”

Generation Z reported the highest stress levels at 59%. In contrast, Generation X exhibited the lowest confidence in their financial situation. Just over half of Millennials shared concerns regarding financial stress, whereas only 29% of Baby Boomers reported similar feelings.

Contact Rachel Barber on X @rachelbarber_