7 Things Young Adults Can’t Afford Anymore
Written by
Ashleigh Ray, AI Editor
Edited by
Ashleigh Ray
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It’s no secret that the financial landscape has changed drastically over the years. For young adults today, the economic challenges are unique and, frankly, pretty daunting.
From sky-high housing prices to the vanishing concept of job security, the picture looks quite different from the one painted for previous generations. Here’s a look at the 7 things that have become increasingly out of reach for many young adults.
Buying a Home
Once upon a time, owning a home was seen as a milestone, a symbol of having ‘made it.’ But now, for many young adults, it feels more like a fairy tale. With real estate prices soaring and wages struggling to keep up, affording a home is becoming more of a fantasy than a reality.
And it’s not just the price of the house itself. Closing costs, property taxes and maintenance add up quickly, making homeownership a distant dream for many.
A Debt-Free Education
Education is supposed to be the key to a successful future, but these days, it often comes with a hefty price tag: crippling student loan debt.
The cost of tuition has skyrocketed, meanwhile scholarships and grants haven’t kept pace. For many, this means starting adult life with a financial burden that can dictate career choices, delay milestones like homeownership, and even impact retirement savings.
Owning a Car
Remember the days when getting your first car was a rite of passage? Well, that’s changing too. Between the rise in car prices, insurance rates and the cost of maintenance and fuel, owning a car is no longer a given.
Many young adults are turning to public transportation, biking or rideshare services to get around. It’s not just about affordability, though. It’s also about lifestyle choices and a growing consciousness about the environment.
Regular Vacations
Vacations used to be a routine part of life, a chance to unwind and recharge. But for many young adults, they’re now a luxury.
The cost of travel in addition to the fear of missing out on work or falling behind on bills has many are opting for ‘staycations’ or short, local trips instead of the traditional getaway.
A Comfortable Retirement
Planning for retirement might seem like a distant concern, but it’s on the minds of many young adults. The future of social security is uncertain, pensions are almost a thing of the past and the responsibility of saving for retirement is increasingly falling on the individual.
With the current financial pressures, setting aside enough for a comfortable retirement is becoming more challenging and is a significant source of anxiety.
Healthcare Without Stress
For many young adults, the high cost of healthcare and insurance premiums, combined with high deductibles and copays, make medical care a financial stressor. Even with insurance, many are a single medical emergency away from a financial crisis.
Starting a Family
Starting a family is a big decision, and it’s becoming a delayed one for many young adults.
The cost of childcare, education, healthcare and simply providing for a child’s basic needs is daunting. Many find themselves having to weigh their desire to start a family against the financial realities of doing so.
It’s not all doom and gloom, though. Awareness is the first step toward change.
By understanding these challenges, young adults can make informed decisions, advocate for change and effectively navigate this new financial landscape.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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