Nearly 70% of Gen Z and millennial consumers believe the current economic environment is hurting their ability to be financially independent adults and more than 1 in 4 don’t feel optimistic about their current financial situation, according to new research released by Experian. The recent economic news and layoffs, however, have spurred 75% of these consumers to focus on their financial health.

Experian’s survey of more than 2,000 millennial and Gen Z consumers across the United States revealed:

• ‘better understanding personal finance’ is a goal for most consumers within both groups
• nearly 4 in 5 (77%) are striving to be more financially literate
• 75% stated they would feel more optimistic about their financial situation if they had a better understanding of personal finance
• nearly 70% are actively searching for a trusted source for personal finance information.