Of all the worries that plague this generation, concerns about the economy are certainly one of the top contributors. This issue is so prominent that there’s a term for it: economic anxiety. Economic anxiety is defined as worries related to one’s economic security over time.

Economic outlook can be a large source and contributor to anxiety, as it is a pertinent issue to each generation. Over half of Gen Z survey respondents stated they were “very” or “extremely” worried about their financial position. As one might imagine, this contributes significantly to the level of anxiety felt daily over time.

Gen Z doesn’t have the best track record for mental health overall, as we are 12 percent more likely than Millenials and 14 percent more likely than Gen X to report fair or poor mental health. Many of the environmental factors that we face, such as economic anxiety, contribute to this.

Currently, one of the largest conversations concerning financial insufficiencies is the difficulty in buying a home. As many may suspect, the current economy isn’t in the best shape for new homeowners. The Journal of Consumer Affairs states, “Gen Z’s money has 86 percent less buying power than baby boomers’ did at the same age. As of 2022, the national CPI has increased by over 500 percent since 1970, while wages have only increased by 80 percent.”

Data like this supports the collective worry regarding the accessibility of traditional financial necessities. With these numbers, there should be no confusion as to why so many people are finding themselves unable to afford their own home, despite other factors that would seem to set them up for success. Even with that, wages have not been properly scaled for Gen Z to be able to afford housing in the same way previous generations have.

On the topic of jobs, there is still a lack of growth within the current job market. This places so many people in a box, as a stable job can be harder to obtain while also not providing the resources required to support the continually increasing cost of living that is currently in effect.

It can be so easy to get caught up in present economic concerns that accounting for the future can be pushed off, or in some cases, entirely ignored. Some may plan to rely on social security benefits to support them later in life, but lately there has been discourse about the longevity of social security as a system entirely.

The Social Security Office of Retirement and Disability Policy said that the funds for social security are projected to be exhausted by 2037. This date may seem large at first glance, but it is entirely within our lifetimes. In fact, this is a mere 13 years away from the present moment. To think that a system that has been beneficial for the last few generations, and one that Gen Z will continue to contribute to, is the same system that we will neglect to benefit from very soon is an incredibly stressful notion.

With all of these factors compounding, a sense of disillusionment for the future is certainly cultivated. Many, if not all, individuals in Gen Z have either been affected by or anticipate the future effects of this persistent decline in the quality of our current resources to sustain our lives.

Gen Z’s collective worries about economic stability and housing are often brushed off as we are told to work harder or pull ourselves up by the bootstraps. While it is isolating to feel that members of previous generations may not understand our challenges because of our specific struggles, there is always a chance to find solace within a community of people who are experiencing the same challenges as you.

One thing that Gen Z does well is advocate for mental health. While it is a struggle many face, this generation has shown proficiency in supporting others by destigmatizing and encouraging seeking help for mental struggles, as well as sharing individual experiences with it. While these times can be incredibly overwhelming, it’s important to recognize that nobody is alone in anything this generation is going through. As long as communities continue to advocate for what is in their best interest, changes can be made.