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Which generation has cried the most over money, and why?

(FINANCE) Financial stress is tough on everyone. Here’s who has cried the most about money woes, and a few tips on how to alleviate some of that stress.

Upset young man seated on bench with head in hands thinking about money.

There’s been serious critique in the last several years about the educational system and what basic knowledge young people should be taught in the United States. Home Economics (Home Ec) comes to mind (everyone should probably know how to cook or sew a button), as well as literacy with money.

There are many young Americans who grow up not really having a deep understanding of budgeting and fixed and variable expenses… But it may not be their fault. Perhaps, Mom and Dad (or other guardians) have always been paying for all of their expenses, making sure they had a roof over their head, clothes on their backs, and food in their fridge. Because, that is what you’re supposed to do as a parent, correct?

So, while there’s no reason to blame anyone, often the process of learning what it costs to live and pay your bills is a rite of passage.

The current state of debt and financial fears also doesn’t mean that Millennials and Gen Zers weren’t educated around savings or working. Many young people have had part-time jobs (although much less in comparison to Gen X or Baby Boomers) but they may also be able to use the majority of that income for discretionary spending – which never created room for feelings of lack when they didn’t have to pay rent or a mortgage.

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This scenario can ultimately create a challenge when you are finally out on your own and now have student loan debt, credit card debt, utility bills, and required car insurance. Especially if you are young person moving to a big city for exploration and/or new opportunities, where the cost of living can be quite high.

If you are feeling nervous or sad around finances, you are not alone. If you have cried over your personal balance sheet or your bank statements, you are also not alone. According to yahoo!money, a recent online survey of 1,004 Americans by CompareCards.com found that,

“7 in 10 Americans said they have cried about money in their lifetimes. Many cited worries over their job or making ends meet. Younger Americans appear the most vulnerable to financial tears. About half of millennials and half of Gen Zers said they cried at least once in the past month over money.”

So how can you cry LESS about money? Well, the first thing is to not be too hard on yourself. But you will also want to create a plan that works for you. Each person deserves financial freedom and not a bank statement that makes them cry on the regular.

Here are some financial literacy resources that may help you figure out how to navigate your way out of crippling debt.

Dave Ramsey Books – The Total Money Makeover – A Proven Plan for Financial Fitness

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Bravely Go with Kara Perez – Feminist economics + inclusive personal finance

Debt Relief Programs – you’ll have to do your research but there may be a program that is right for you and an agency that can help you set up a realistic payment program for you

Student Loan Forgiveness – it is worth looking in to your options if you are feeling overwhelmed with student loan debt and there may be ways for your loans to be forgiven

Financial Advisor – consider working with a professional that can help you with your budgeting, investing and retirement savings/funds

And you may still cry because this is big adult stuff… But hopefully you trust yourself to do the research, explore, ask, and find options that work for you to gain a little more control over your financial situation.

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If you are not already doing so, it may be as simple as starting with a budget to better understand your income and outgoing expenses. Being informed can help you to plan better for the future and make you feel less like crying.

Erin Wike is a Career Coach & Lecturer at The University of Texas at Austin and owner of Cafe Con Resume. Erin is fueled by dark roast coffee with cream AND sugar, her loving husband, daughter, and two rescue dogs. She is the Co-Founder of Small Business Friends ATX to help fellow entrepreneurs + hosts events for people to live a Life of Yes with Mac & Cheese Productions.

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