Young Americans Are Turning to Budgets and Side Hustles to Ease Financial Stress

Young Americans ar still feeling the effects of higher prices—and it’s stressing them out, according to new data, with many turning to budgets and side jobs to ease their concerns.

In a recent Intuit survey of 2,000 Americans aged 18 to 35, the majority (61%) report feeling financially stressed. What’s behind those feelings? Of those who reported stress, more than three-quarters cited the cost of living generally; nearly half pointed to job insecurity; 46% said rent and housing costs weighed on them; 41% cited debt; and nearly one-third noted worries about affording unexpected emergencies.

The survey’s results come as the job market has remained strong and inflation has cooled, though also remained stubborn.

To manage financial stress, young Americans are finding ways to boost their cash flow or get a handle on their spending, according to Intuit. More than 40% of respondents said that doing a side hustle improved their financial stress, while a similar percentage said that they’ve drafted a budget, which they say has improved their relationship with money.

Still, nearly a third said they didn’t have a clear strategy for managing money setbacks. And dealing with financial challenges may be more difficult for those without savings to fall back on: According to the survey, 38% of women and 25% of men said they had inadequate emergency savings.

Another recent survey by the Certified Financial Planning Board that the majority of those with debt worried about the long-term effect it would have on their financial well-being.