First Merchants Bank: The Weight of the Wallet - Millennials Struggle with Guilt and Anxiety When Budgeting

MUNCIE, Ind., Aug. 13, 2025 /PRNewswire/ -- 1 in 4 Millennials say they feel stressed and anxious when managing their personal finances, more than any other generation.  

This is followed by Gen X (18%), Gen Z (16%), and Boomers (14%). 

Research conducted by First Merchants Bank has uncovered budgeting attitudes across generations.  

Millennials were revealed to associate other negative emotions with budgeting, with 1 in 4 feeling guilty when budgeting their personal finances. 

Although this data raises concerns, it aligns with the broader economic landscape and the struggles that younger generations are facing. 

Among the financial challenges facing Millennials is debt. 18.5 million Millennials have outstanding student loan debt, comprising 40% of borrowers in the nation.  

The housing crisis is also impacting Millennials. The average age to buy a home reached an all-time high of 38 in 2024, compared to an average age of 28 in 1991, meaning that home ownership is feeling increasingly out of reach for many. 

With increasing pressure to contribute to their own retirement, insecurity is also rising among younger generations with 66% of Millennials claiming that they are more worried about running out of money than dying.  

Economic concern can discourage people from budgeting to save for the future, as without appropriate financial advice, it can be challenging to stay motivated to invest in the long-term. However, it is important that younger generations start investing in their futures. 

Investment in short term gratification was revealed to be a trend among many US adults, with almost half (47%) of people prioritizing TV streaming services in their budgets, and almost a third (32%) admitting to regularly overspending on takeout food.

Elena Brodskiy, Banking Center Manager at First Merchants Bank, commented on the challenges of budgeting, "It can be difficult to know where to start with budgeting your personal finances, particularly when faced with broader economic challenges. But with the right support and resources, people can make the most of their money each month.  

"Everyone manages money differently, based on income and lifestyle factors. Finding a set of tools that work for your specific needs is key in tackling the stress and anxiety that people might feel when budgeting. For tailored financial advice, speaking to an expert at your local bank is a great place to start." 

For tailored advice visit: https://www.firstmerchants.com/what-kind-of-budgeter-are-you  

SOURCE First Merchants Bank