The COVID-19 pandemic continues to be a global issue as new variants are spreading. As people continue to struggle, 2021 ended without a fourth stimulus check to keep households afloat.

Many Americans are struggling with handling their finances due to various reasons, and it’s starting to take a toll on their mental health. During the COVID-19 pandemic, mental health woes have increased in many young adults.

In a recent study, it was found that members of Generation Z and Millennials were paying more in banking fees. On average, Gen Z pays around $19 per month in banking fees. Millennials spend $16, while Gen X pays around $4, and Baby Boomers pay around $2.

The holiday season can be an exciting time for many. However, holiday shopping and its associated costs can be stressful. According to a LendingTree survey, almost 50% of American consumers are dreading the holidays, due to their expensive costs.

Gen Zers tip more than previous generations. For example, in the study, it was determined that during the holiday season, 51 percent of Gen Zers tip more, compared to 48 percent of millennials, 43 percent of Gen Xers, and 42 percent of boomers.

On October 25, 2021, FaZe Clan, the popular gaming, lifestyle, and media platform, announced they will be going public via a merger with B. Riley Principal 150 Merger Corp. The FaZe and BRPM SPAC merger is valued at approximately $1 billion.

Millennials are making six figures in income, but more of them live paycheck-to-paycheck than any other generation.

One of the direst effects has been the financial impact that has resulted from job layoffs and mandated quarantines. The closing of bank branches across the United States reflects the economic impact many have had to endure.

Millennials, ages 24 to 39, are experiencing extreme burnout, which can manifest in various forms like anxiety and depression. The number one cause of this burnout is money.

Research has estimated that 49% to 79% of Americans are living paycheck-to-paycheck. Part of the financial struggle is having to borrow money or rely on the predatory economy, including payday lenders, title loan services, and pawn shops.

Anthony Copeman is a Certified Financial Education Instructor (CFEI), founder and Chief Visionary of Financial Lituation, a digital platform to help young people reinvent their finances and reimagine their freedom.