Recent study states Americans believe young adults face more challenges than previous generations

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By Gillian Machado  

Skyhawk View Staff Reporter  


Because of a lack of financial education, many young adults are struggling financially and have been left worse off than previous generations, according to a recent study. 

A 2022 Pew Research Center study, called “Most in the U.S. say young adults today face more challenges than their parents’ generation in some key areas,” revealed that expensive student loans, the high cost of living, and saving for the future are negatively impacting public opinion on the success of the next generation.   

“About seven-in-ten Americans think young adults today have a harder time than their parents’ generation when it comes to saving for the future (72%), paying for college (71%) and buying a home (70%)” said Stella Sechopoulos, the main researcher, who studied economics and political science at Vanderbilt University. 

To combat the lack of knowledge. Christine Yoo, the operations manager for Next Gen Personal Finance, said her company is working to help young adults learn how to handle their finances. This organization provides free finance courses to high school students and teachers. 

“An important part of being able to pay off loans and afford the cost of living is having the knowledge of personal finances,” said Yoo. “Many young adults lack this knowledge as only 23 states in the country require a personal finance course to be taken as part of being able to graduate high school.” 

Yoo said schools are starting to recognize the needs of students and are beginning to address the problem by adding finance classes to curriculums. 

“Many states in the US are taking the step to better educate students about personal finance by creating new classes to prepare students for life after high school and creating laws that make personal finance courses mandatory for graduation,” said Yoo. 

In June of 2021, Rhode Island passed a law requiring high school students to take a semester of personal finance to graduate. The state partnered with Next Gen Personal Finance, a nonprofit organization based in California, provides free education to school districts across the United States. 

“The goal of Next Gen Personal Finance is to provide free curriculum to schools around the country, provide free professional development to teachers, and advocate for further legislation regarding personal finance courses,” said Yoo.  

Next Gen Personal Finance creates courses for juniors and seniors in high school. The organization has created an 11-unit curriculum that teaches students about banking, saving, investing, taxes, and many more. In addition, the non-profit organization provides free professional development to teachers and advocates for further legislation across the United States. 

“The goal of Next Gen Personal Finance is called Mission 2030 where we hope to have every student take a course in personal finance while in high school,” said Yoo.  

Yoo said their efforts have paid off since the organization opened in 2014 as more states have been involved in the program. 

“Five years ago, only eight states required a personal finance course in order to graduate. Today there are 23 states involved. Next Gen Personal Finance has increased the number of states requiring a personal finance course to be taken and intends on continuing this work,” said Yoo.   

Grace Adamczyk, a current junior at North Providence High School in Rhode Island, started the Next Gen Personal Finance course in late August and has since learned the ins and outs of banking and budgeting.   

“I have learned about the differences between savings and checking accounts, banking fees, and strategies on saving money,” said Adamczyk.  

Adamczyk learned about the 50/30/20 rule in saving where you divide your money between needs, wants, and savings. She has also been introduced to banking fees such as overdraft fees, maintenance fees, and ATM fees. 

“I believe that because of this program I am better prepared for the future than those who have not taken this course,” said Adamczyk. “I also look forward to upcoming units about saving for college, buying a car, paying taxes, and investing.” 

She said this course has helped build her confidence and she is proud of the progress she has made.  

“I feel better prepared with my life after college because I am learning about finances that I wouldn’t get from anywhere else,” said Adamczyk. “The course has strengthened my thought process and after this course I feel I will have the ability to weigh financial decisions and make the best choice," said Adamczyk.  

Adamczyk said she was grateful to have the chance to take the course before graduation. 

“I am very appreciative of this course, and I am thankful that I had the opportunity to be involved in this class,” said Adamczyk. 

Many students who have moved on to college have not had the same opportunity as Adamczyk did in high school. 

“For college students, there are many things they should learn about, including keeping a budget and building credit,” said Daniel Persechini who has worked in finance for 35 years. He created his own financial wellness company and has taught five semesters of Personal Finance at Stonehill College.  

He said students should learn to track their spending and learn to prioritize saving for their future. 

“Understanding opportunities and examining options is the best way to get a financial frame when investing, leasing, or buying, it allows you to make the best decision,” said Persechini. “Understanding the value of items and interest is always important and going for the most expensive item is not always the best option.”  

In addition to working with schools, his company provides advice to clients, so that they can reach their financial goals. No matter a person’s age, having financial knowledge allows you to positively move forward in life. 

“It is important to educate yourself, create a plan, and make a budget because it allows you to reach your financial goals,” said Persechini.  

Yoo said as education standards change, it is important for both college and high school students to learn about financial literacy. 

“Despite encouraging signs that the younger generation is becoming more knowledgeable about financial education, there is still a long way to go,” said Yoo.  

Adamczyk explains what she has learned so far in her personal finance class.





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