Findings derived from The Harris Poll on behalf of the American Institute of CPAs (AICPA) maintain since the COVID-19 pandemic began, young adults are heavily impacted by financial stress.
Officials said the study determined young adults are three times more likely to acknowledge they are experiencing pandemic financial stress in comparison to older adults, noting three in four younger Americans ages 18 through 34 indicated they have been at least somewhat stressed about their financial situation since the pandemic began, compared with about one in four older Americans ages 65 and up.
“Financial stress at any age can have a negative impact on a person’s wellbeing,” Gregory J. Anton, chairman of the AICPA’s National CPA Financial Literacy Commission, said. “For many younger Americans, this is the first time they have experienced this level of economic uncertainty, whereas older generations have already lived through recessions and depressions. Keeping perspective and finding comfort with what you can, and can’t, control is a good starting point to help alleviate financial stress.”
The survey was conducted online within the United from Jan. 13-15, 2021, among 2,040 U.S. adults ages 18 and older, officials said,
adding consumers can take several steps as a means of reducing financial stress and anxiety.
The AICPA’s National CPA Financial Literacy Commission recommends consumers start with keeping perspective and knowing what can and cannot be controlled, taking inventory of finances, and finding opportunities and tools to help today and in the future.