Financial Instability: A Real Fear for Teens and Young Adults
One of the biggest concerns I hear about from young people is financial instability. And it’s not just about their future finances; it’s about watching their parents struggle and wondering what their own financial lives will look like.
In fact, according to a Pew Research Center report, 36% (in the lower-income group) of teens worry about their family having enough money for basic expenses and “29% of those in the middle-income group say they worry about this daily or almost daily, whereas 13% of teens in higher-income households say the same” Source . That stress trickles down, leaving teens and young adults feeling anxious about how they’ll manage once they’re out on their own. College costs are rising, student loans are piling up, and many are left wondering if they’ll ever escape the debt cycle. The National Center for Education Statistics shows that average student loan debt is now over $37,000, which is enough to make anyone nervous about the future.
What Can You Do?
Educate Yourself About Money: Financial literacy is key. Learn how to budget, save, and understand loans before you need them.
Take Small Steps: Don’t worry about planning your entire financial future right now. Start small by setting savings goals or tracking your expenses.
If you are worried about your child feeling about money or the future, life coaching for parents & young adults can help you get on track. Want to talk about your next steps? Book a free consultation with me today here, and we’ll work through it together.