‘It’s never enough’: young Americans struggle to build financial independence as cost of living spikes

More than eight in 10 young adults rate the economy as ‘bad’ or ‘terrible’, according to a recent survey from Generation Lab. Photograph: Oscar Wong/Getty Images View image in fullscreen More than eight in 10 young adults rate the economy as ‘bad’ or ‘terrible’, according to a recent survey from Generation Lab. Photograph: Oscar Wong/Getty Images ‘It’s never enough’: young Americans struggle to build financial independence as cost of living spikes A difficult job market and rising costs are making it harder for young adults to enter adulthood Young people are already facing the worst entry-level job market since the start of the pandemic and significant economic instability. But overall economic conditions are making it more challenging for those just entering adulthood. More than eight in 10 young adults rate the economy as “bad” or “terrible”, according to a recent survey conducted with more than 1,000 18- to 34-year-olds around the US by Generation Lab, a research firm studying young people. While young adulthood is known as a time for establishing independence and responsibility, many are attempting to do so amid cuts to social safety net programs and the ever-increasing costs of basic needs like gas and groceries . “It’s been rough for a long time,” said Nia West-Bey, executive director of the National Collaborative for Transformative Youth Policy. “But I think we particularly have a confluence of long-term economic challenges on the income side and support side, now coupled with an increase in expenses on everything.” Not only is this the point where people are supposed to establish themselves as adults, said West-Bey, but young people generally have fewer resources to fall back on. “[It’s] demoralizing to be trying to establish yourself in this time of life, and just not seeing a way – and not having seen a way, maybe, even anytime in your lifetime,” West-Bey said. Cloud Benn, 23, lives in New Orleans, and wanted to move out after graduating college, but housing costs made that impossible. Benn is working two retail jobs and another as a writing tutor, while paying their mom rent. Popular media depicts adulthood as leaving your parents’ house, getting an apartment and having enough left for groceries, Benn said: “We were fed that; we were told, hey, this is what adulthood is.” But the reality feels dystopian, they said. Benn and their partner are saving to move in together next year. “Even if you plan it down to the penny, nine times out of 10, it’s never enough, especially in this economy,” they said. Benn is the same age as their mother was when she moved out: “She worked her ass off, got her own place and everything, and now I’m her age, working my ass off, [and] still can’t get my own place.” Also in Generation Lab’s survey, respondents were asked who they assign the most blame to for the current economic conditions. A whopping 41% cited Donald Trump and 31% said “corporate greed and large companies”. Still, it is not unusual for it to