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

Key points

• 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 Collaborative for Transformative Youth Policy.