Gen Z and Millennials are more sleep-deprived than older generations due to their financial situation

Financial services company Empower released a study this week examining the impact of financial developments on generations.

Fifty-six percent of Gen Z respondents and 51 percent of Millennials said their financial situation keeps them awake at night. This rate was found to be 37 percent among Gen X respondents and 20 percent among baby boomers.

When it comes to the main cause of financial stress, a striking generational divide emerges: Gen Z and Millennial participants are much more stressed about housing.

Sixty-seven percent of Gen Z and Millennial participants said higher home prices and mortgage rates contribute to their financial stress. This rate is slightly less than 50 percent among Gen X and baby boomer participants.

Meanwhile, while 62 percent of Gen Z and Millennial participants said this rise contributes to their financial stress, only 38 percent of older participants agreed.

ISSUES CAUSING STRESS FOR GEN X AND MILLENNIALS DIFFER

According to a report by Business Insider, the issues causing more financial stress for Gen X and baby boomer participants stand out as politics, inflation, and the rising costs of goods and services.

Two thousand Americans aged 18 and over participated in the survey conducted in August.

According to census data, the homeownership rate in the US was 65.8 percent in 2022, while only 39 percent of adults under 39 owned a property.