Coronavirus

AICPA: Young Americans affected worst by Covid financial stress

New data from the accounting body reveals that nine in ten young adults have experienced stress about their financial situation during the pandemic

A new research poll, conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA), has revealed young Americans have been the worst financially affected by the pandemic.

New data from the accounting body’s survey reveals that nine in ten young adults have experienced stress about their financial situation over the past year.

Some three in four (75%) younger Americans, aged between 18 to 34, believe they have been at least somewhat stressed about their financial situation since the pandemic began, in comparison to around one in four (27%t) older Americans aged over 65.

Gregory J. Anton, chairman of the AICPA’s National CPA Financial Literacy Commission, said: “Financial stress at any age can have a negative impact on a person’s wellbeing.

“For many younger Americans, this is the first time they have experienced this level of economic uncertainty, whereas older generations have already lived through recessions and depressions.”

He added: “Keeping perspective and finding comfort with what you can, and can’t, control is a good starting point to help alleviate financial stress.”

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