Millennials and Gen Z believe economy hurts their ability to be financially independent adults

Costa Mesa, Calif., May 23, 2023 — Nearly 70% of Gen Z and millennial consumers believe the current economic environment is hurting their ability to be financially independent adults and more than 1 in 4 don’t feel optimistic about their current financial situation, according to new research released today by Experian. The recent economic news and layoffs, however, have spurred 75% of these consumers to focus on their financial health.

Experian’s survey of more than 2,000 millennial and Gen Z consumers across the United States revealed:

• ‘better understanding personal finance’ is a goal for most consumers within both groups
• nearly 4 in 5 (77%) are striving to be more financially literate
• 75% stated they would feel more optimistic about their financial situation if they had a better understanding of personal finance
• nearly 70% (69%) are actively searching for a trusted source for personal finance information

“We believe in financial power for all and ensuring America’s youngest consumers are empowered to be financially independent adults is key to achieving this,” said Christina Roman, consumer education advocate at Experian. “Personal finance and credit education are central to our mission. We are committed to being a trusted resource for consumers looking to improve their financial health during our current economic environment and beyond.”

Credit’s role in unlocking life’s big moments

Having an established credit history is a key component of financial health, and most young consumers (82%) understand they’ll need a good credit score to make a life milestone purchase. A good credit score is also an important factor when considering a life partner for 65% of millennial and Gen Z consumers and nearly half (47%) said it’s a key consideration before having a, or another, child. Nearly 80% (79%) are actively trying to increase their credit score now rather than later, yet most millennials and Gen Z consumers (52%) don’t know how to start building credit.

Despite the current environment, 64% of the country’s youngest consumers feel confident that they will be OK financially.