• More than a third (35%) of Americans took on debt to move in the past 5 years, including half of millennials. Roughly one in six (16%) say they are still recovering financially from their last move. 
• 4 in 10 (40%) say their move ended up costing at least twice what they expected, including 55% of millennials. New furniture (27%) was the most common budget-buster.
• 40% say the financial burden of moving made it difficult to enjoy their new place at first, and roughly half of Gen Z (49%) and millennials (53%) admit they would’ve made different financial decisions had they known the true cost of moving. 
• Nearly a third (32%) say money-related stress from their move caused conflict with a partner or family member, rising to 46% of millennials and 40% of Gen Z.
• More than half (53%) would rather live paycheck to paycheck somewhere they love than live comfortably somewhere they don’t. To stay where they want, 22% live in a smaller space than they’d like and 11% put up with pests like roaches or mice — 22% of Gen Z.

Moving can mean a fresh start, but for many Americans, it comes with a financial hangover. New data from Intuit Credit Karma found that more than a third of American adults (35%) who’ve moved in the past five years took on debt to do so, climbing to half of millennials (50%). 

The true cost of moving, and the stress it causes 

Three in 10 movers (30%) spent $5,000 or more on their most recent move, and 15% spent $10,000 or more. Here’s the full breakdown:

• $1,000–$2,499: 23%
• $2,500–$4,999: 23% (26% of Gen Z and millennials)
• $5,000–$9,999: 15% (19% of millennials)
• $10,000 or more: 15%

Four in 10 movers (40%) say their move ended up costing at least twice what they originally expected, a figure that rises to 55% among millennials. 

It’s not surprising, then, that 47% say the move itself was cheaper than getting settled afterward, with new furniture topping the list of expenses that ended up costing them more than expected. 

For many movers, the financial stress starts before they even find a place to live. Finding affordable housing in the first place is the top challenge for Gen Z (38%), and even once a place is found, saving enough money to cover the move ranks among movers’ biggest stressors overall (28%). Layer the upfront costs on top of that (e.g. deposits, down payments, first and last month’s rent) and it becomes the most financially stressful part of the process for movers as a whole (32%). 

Sacrifices Americans make to afford a move 

While one third of movers (33%) cut back on non-essential spending to afford their move, that wasn’t enough for everyone. A quarter (25%) had to dip into savings or an emergency fund, while 18% cut back on essentials like gas and groceries. The approach also looked different by generation: nearly a third of millennials (31%) admit to charging more to their credit cards than they normally would, while 42% of Gen Z worked extra hours or overtime. 

Covering costs with credit 

More than a quarter of movers (28%) put moving costs on a credit card. Personal loans (10% overall) were more common among younger generations, used by 15% of millennials and 14% of Gen Z, as were buy now, pay later services (9% overall, 13% among both Gen Z and millennials). All told, 35% took on some form of debt to move, and despite the cost, a majority (55%) say it was worth it.

The financial hangover lasts months 

Financial recovery from a move rarely happens on a fixed timeline. Asked how long it took to feel financially recovered from their move, meaning savings were restored and moving-related debt was paid off, only 19% said less than a month. A quarter of movers (25%) said it took three to six months, rising to 31% of Gen Z and 32% of millennials, and 16% say they’re still recovering. 

That recovery period often comes at the expense of other financial priorities. Movers say their moving costs delayed saving for a vacation (23%), building an emergency fund (22%), paying off existing credit card debt (21%, 26% of millennials), saving for retirement (19%, 24% of Gen Z), saving for a down payment on a home (17% of Gen Z and 16% of millennials), and paying down student loans for 15% of Gen Z. 

The emotional toll of a financially stressful move 

The financial strain of moving doesn’t stay contained to a bank account. Four in 10 movers say the financial burden made it hard to enjoy their new place at first, and the same share (40%) admit they would’ve made different financial decisions had they known the true cost of moving going in, including about half of Gen Z (49%) and millennials (53%). 

For some, the financial strain bled into their relationships — nearly a third (32%) say money-related stress from their move caused conflict with a partner or family member, rising to 46% of millennials and 40% of Gen Z.

And for some, they had no choice —13% of Gen Z say their home had unsafe or unlivable conditions, such as mold or pest infestation. 

The price of living where you want to live

Despite the strain, many movers don’t regret their decision. Just over a quarter (27%) say their move hurt their finances but improved their quality of life, and 28% say it improved both. For some, that tradeoff is a calculated one: 58% of millennials and 47% of Gen Z moved to an area with a higher cost of living specifically for a job opportunity or better school district. 

That tradeoff often comes with compromise. To live somewhere they wanted, movers say they’ve lived in a smaller space than they’d like (22%), paid more than 30% of their income on rent or mortgage (21%), accepted a longer commute (19%, rising to 25% of Gen Z and 24% of millennials), taken on roommates they wouldn’t have otherwise chosen (13%, 20% of Gen Z), or tolerated pests like roaches or mice (11%, 22% of Gen Z).

Even so, plenty of people say it’s worth it. More than half (53%) would rather live paycheck to paycheck somewhere they love than live comfortably somewhere they don’t, and 62% say the financial premium of living where they currently do is worth it (71% of millennials). 

At the same time, many people feel boxed in by circumstances beyond their control. Four in 10 (40%) say that if they could earn the same salary somewhere cheaper, they’d move tomorrow, and roughly a third (34%) feel financially “stuck” where they live or say the cost of moving has kept them in a home they wanted to leave. 

Furnishing on impulse 

For many movers, a new address becomes justification to buy things they don’t necessarily need. Nearly a third (32%) admit that moving is an excuse to replace furniture or decor they didn’t actually need to replace, climbing to 41% of Gen Z and 49% of millennials. 

That impulse can come with regret: 35% say they’ve made an impulse furniture or decor purchase after a move that they later regretted, including 48% of Gen Z and 51% of millennials. Yet, some people prioritize speed over cost – 32% would rather overpay to get their new place done fast than take their time and save money, rising to 51% of millennials.

Social media plays a major role for young people furnishing a new home. Half of Gen Z (50%) and 56% of millennials say social media influenced purchases they made when or after moving. 

To furnish their new place, movers turn most often to big box retailers like Target, Walmart, and HomeGoods (37%), followed by Amazon (35%). IKEA draws 19% overall but skews younger, pulling in 25% of Gen Z and 32% of millennials, while 14% of Gen Z say Instagram or TikTok ads directly shape where they shop. 

“Moving can mark an exciting new chapter, but it can also be a financially and emotionally draining experience,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “Between deposits, moving costs and the expense of getting settled, the bills can add up quickly, and our findings show some Americans are draining their savings, relying on credit or even accepting the reality of living paycheck to paycheck to live somewhere they love. Once you’re in a new home, it can also be easy to get caught up in the excitement and spend more than you intended to make the space feel finished. If you’re already carrying debt from your move, try not to compound it with purchases that can wait. Start with what you truly need, set spending limits before you shop and give yourself time to pay down your debt and save for the rest.” 

Methodology 

This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma between July 22, 2026 and July 24, 2026, among 1,029 American adults who have moved within the past five years. 

• 57% of parents are entering back-to-school season with credit card debt, and nearly half (48%) have opened or plan to open a new credit card—or increase their credit limit—to help cover back-to-school expenses.
• 45% of parents plan to take on debt to pay for back-to-school shopping this year, up from 34% in 2024.
• Social media is widening the gap between kids’ wish lists and parents’ budgets. Six in 10 parents (60%) say their children are asking for non-essential items they’ve seen trending online, and 54% say they’d rather put something on a credit card than tell their child they can’t have what their classmates have.
• One-third of parents (33%) are asking their children to contribute their own money toward back-to-school purchases this year.
• 37% of parents are simultaneously supporting a K–12 student and paying for an older child’s college education, and two-thirds (67%) say the combined costs feel unmanageable. 

Back-to-school season has always stretched family budgets, but this year, parents are starting from a deeper hole. 

According to new data from Intuit Credit Karma, more than half of parents with kids under 18 (57%) are entering back to school shopping season with credit card debt, and 63% expect to add to their existing balance to cover this year’s back-to-school purchases. 

Compared to 2024, parents appear to be entering the new shopping season in worse financial shape across several measures: 

• Cost of Living: 65% now say the high cost of living will push them to spend more this year, up from 59% in 2024. 
• Dreading the Season: 54% say they dread the season because of the financial stress it causes, compared to  44% in 2024. 
• Taking on Debt: 45% plan to take on debt for back-to-school shopping, up from 34% in 2024. 

Entering the season already underwater 

Even before back-to-school shopping begins, more than half of parents (57%) are currently carrying credit card debt. .

 Here’s how much: 

Even though existing credit card debt is making 64% of parents anxious about taking on more spending, 48% have opened or plan to open a new credit card, or have increased/plan to increase their credit limit, specifically to cover back-to-school expenses.

Spending more, borrowing more

A majority of parents (64%) expect to spend more on back-to-school shopping this season compared to last. Close to half (47%) plan to spend up to $500 and two-thirds (67%) up to $750, 15% plan to spend between $1,000 and $2,000.

That expectation comes as nearly three-quarters (72%) say back-to-school items like clothing, school supplies and electronics feel noticeably more expensive this year than last, while 52% say their child’s school is requiring more technology purchases than in previous years.

To help soften the financial blow, many parents are changing when they shop. Six in 10 (61%) say they’re starting their back-to-school shopping earlier than usual this year so they can spread purchases across multiple paychecks (37%) and avoid taking on debt all at once (27%).

Despite those efforts, many parents still expect to lean on credit or other sources of funding. More than four in 10 (43%) plan to rely on a credit card for their back-to-school purchases. Others will look for cash elsewhere:

• 22% will work overtime 
• 18% will take on additional income, such as gig work or a second job
• 16% will use buy now, pay later (BNPL) services 
• 15% will dip into their savings or emergency fund 

For many parents, these strategies aren’t enough to avoid borrowing altogether. In fact, 45% of parents plan to take on debt (e.g. credit card, BNPL, personal loan) for back-to-school shopping, up from 34% two years ago. Among those planning to take on debt: 

Back-to-school costs are forcing difficult choices

Roughly one in five parents (19%) don’t have any money saved for back-to-school expenses this year, and 52% say back-to-school costs make it difficult to maintain an emergency fund at all.

The pressure of back-to-school shopping is forcing many parents to rethink household priorities. One-third of parents (33%) say they can’t afford back-to-school shopping this year, and as a result, nearly half (49%) expect to sacrifice essentials like groceries or bills to make room in their budgets, while 38% will depend on hand-me-downs or borrowed items.

Back-to-school budgets spark money conversations

Parents are taking different approaches to managing the growing gap between back-to-school costs and their budgets. Many are trying to protect their children from the financial strain: nearly two-thirds (63%) hide the stress of back-to-school shopping from their kids, and more than half (54%) say they’d rather put something on a credit card than tell their child they can’t have what their classmates have. 

Others are using the season as an opportunity to talk openly about money with their kids. More than half (58%) set a firm budget before shopping begins, 55% have direct conversations about what they can and can’t afford, and one-third (33%) are asking their children to contribute their own money toward back-to-school purchases.

Those conversations often extend beyond this school season’s shopping trip. Parents say back-to-school costs have prompted discussions with their kids about comparing prices (38%), waiting for sales (37%), the difference between needs and wants (34%), creating and following a budget (29%), saving for something they want (27%), their household’s overall financial situation (20%), and even using credit cards or buy now, pay later (20%).

The financial strain is taking a toll at home. Nearly four in 10 parents (39%) say back-to-school costs have caused tension or arguments in their household.

Kids’ wish lists collide with tight budgets 

For many parents, back-to-school shopping is no longer just about checking off a school supply list. Social media trends and peer influence are shaping children’s wish lists, often adding wants that stretch already-tight budgets. Six in 10 parents (60%) say their children are asking for non-essential items they’ve seen trending on social media, and nearly half (48%) say their child’s wish list is very far apart from what their budget allows.

As for specific requests, parents report their kids have either already asked for, or they expect them to ask for things like backpack charms/accessories, collectibles, fidgets, and blind-box toys (53%), trendy sneakers such as the Adidas Samba Janes or Puma Speedcats (50%), and trendy water bottles and bottle charms (39%). 

Paying for K–12 and college at the same time

For many families, back-to-school shopping is only one of the financial hurdles they face this time of year. More than one-third of parents (37%) are simultaneously supporting a child under 18 while also helping pay for an older child’s college or post-secondary education.

For these parents, the overlap is creating difficult financial tradeoffs. Two-thirds (67%) say the combined cost of back-to-school shopping and college expenses feels unmanageable this year, while 60% feel they’re being forced to choose between meeting their younger child(ren)’s back-to-school needs and paying for their older child’s education.

Those tradeoffs are impacting spending. Nearly two-thirds (63%) say they’ve had to cut back on back-to-school purchases for their younger child(ren) in order to afford their older child’s college expenses.

And for many families, education-related costs extend well beyond school supplies and tuition. Nearly half of parents (49%) say they feel pressure to spend more on extracurricular programs, such as tutoring, SAT prep and private college counseling to improve their children’s academic performance or chances of getting into a competitive college.

AI becomes a back-to-school shopping assistant 

As parents navigate back-to-school season, many are turning to AI as a shopping and planning assistant. Parents are using AI to:

• Find deals or discounts – 36% 
• Compare prices across retailers – 33% 
• Create a shopping list – 31% 
• Develop a back-to-school budget – 25% 
• Find lower-cost alternatives to requested products – 23% 
• Planning school lunches – 19%

The costs don’t stop after checkout 

Even after checking everything off the back-to-school shopping list, many parents find themselves reaching into their wallets again. Looking back at the most recent school year, more than half (52%) spent more than $250 on additional school-related requests or expenses after school had already begun, including 29% who spent more than $500 and 16% who spent more $750. 

“Parents are facing difficult tradeoffs this back-to-school season,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “This year’s findings show many parents are entering the season already carrying debt, and many are willing to take on more to give their kids what they need—or what they feel they need—to start the school year on equal footing with their peers. It’s encouraging to see many families using back-to-school shopping as an opportunity to talk with their children about budgeting and the difference between needs and wants. Setting a realistic budget before you start shopping, prioritizing essentials and setting expectations early can help families navigate the season without taking on more debt than they can reasonably repay.”

Methodology 

This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma between June 30, 2026 and July 6, 2026, among 1,032 parents with at least one child under 18. 

Key Takeaways: 

• Nearly half of sports fans (47%) say they would find a way to attend a championship event involving their team no matter the cost. 
• More than a third of sports fans (35%) have spent more than they budgeted for on sports fandom over the past 12 months, highlighting the growing financial pressure of keeping up with teams, events, and experiences.
• Rising costs are changing how fans participate, with 74% of sports fans who spend on sports fandom saying higher prices have altered their fandom, leading many to buy less merchandise (31%) and attend fewer games (29%). 
• Sports fandom continues to be a powerful social force, with 43% of fans saying a recent sports moment turned them into a fan of a new team or sport. 
• Major sporting events can leave a lasting impact on host communities as 31% of those who live/lived in a city that hosted say these events provide a positive economic boost for local businesses and their communities. 

It’s been an exciting stretch for sports in America with the Knicks just ending a 53-year title drought, the FIFA World Cup on home soil for the first time in over 30 years, and Formula 1 now holds more races in the United States than in any other single country. As excitement and anticipation around sports reaches new heights, so too does the amount many fans are spending to be part of the action.

New data from Intuit Credit Karma, conducted by The Harris Poll finds that more than a third of sports fans (35%) have spent more than they budgeted for on sports fandom over the past 12 months. 

Sports fandom is a passion that inspires both financial restraint and sacrifice. As some fans cut back to keep costs under control, others continue to prioritize live events and memorable experiences, driven by the sense of connection sports create with family, friends and their broader community.

When fandom becomes a financial priority 

For a meaningful share of fans, sports aren’t just entertainment, they’re a top spending priority. Nearly half of sports fans (47%) say that if their team were in a championship event, they’d find a way to be there no matter the cost.

Different sporting events inspire different levels of spending. Among U.S. fans, the NFL tops the list of leagues and events they would be most willing to splurge on (45%), followed by the NBA (30%) and MLB (24%).

How fans are adapting to higher costs 

The price of being a sports fan at a time when everyday living costs are high is reshaping behaviors. Nearly three quarters of fans who spend money on sports fandom (74%) say rising costs have changed how they engage or participate, and the cutbacks touch nearly every part of the experience: 

Fans are also considering financial tradeoffs. If they didn’t have enough cash on hand to attend a major sporting event, nearly a quarter of fans say they would be willing to cut back on other non-essential spending (24%) or pick up extra work or a side hustle (23%) to make it happen. Others would be willing to take more significant steps, including taking on credit card debt (21%) or dipping into emergency savings (21% of fans ages 18-34). If they had the choice, nearly 2 in 5 (39%) would rather spend money on attending a major sporting event over a traditional vacation, rising to 47% of male fans.

For many, that willingness to spend holds even when it may invite judgment. Nearly 3 in 10 fans (29%) say they worry people would judge them if they knew how much they’ve spent on tickets to a major sporting event.

What’s driving the splurge 

When sports fans open their wallets for major sporting events, the motivation goes beyond the game itself. 

Here is what drives sports fans to spend money on major sporting events, among those who do:

The social side of sports fandom 

What draws people into sports isn’t always the game itself: 43% of sports fans say a recent sports moment (a hometown playoff run, social media buzz or a friend’s enthusiasm) turned them into a fan of a sport or team they didn’t previously follow. For others, the draw is the crowd. Roughly one third (34%) admit they primarily attend major sporting events to socialize, not because they care about the sport.

The local impact of major sporting events

Major sporting events don’t just affect those who attend, they ripple through entire communities–something host cities across the country are experiencing firsthand this summer. Among people who live or have lived in or near a city that hosted a major sporting event, 78% say their everyday life was affected, primarily through increased traffic and commute times (38%) and overcrowding at local restaurants, bars and public spaces (33%). Others point to price hikes for things like dining and entertainment (26%) and transportation, such as ride-share and taxis (21%). 

While major sporting events can create inconveniences for residents, such as noise or safety concerns (20%), they can also leave a positive mark on the communities that host them. Nearly one third (31%) say it’s been a positive economic boost for local businesses and their community and 18% experienced a stronger sense of community. 

“As a historic summer of sports captures the attention of fans across the country, many Americans are trying to balance their passion for sports with rising costs,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “We’re seeing a divide between fans who are scaling back and those who are willing to make financial sacrifices to be part of the action. Sports can create meaningful memories and connections, but it’s important to be realistic about what you can afford. If attending a major event is on your bucket list, creating a savings plan ahead of time can help you enjoy the experience without carrying the cost long after the game is over.” 

Methodology

This survey was conducted online within the United States by The Harris Poll on behalf of Credit Karma from June 17-22, 2026 among 2,007 U.S. adults ages 18 and older, among whom 1,747 are Sports Fans. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact pr@creditkarma.com. 

Key Takeaways:

• 53% of Americans say rising summer temperatures have become one of their biggest financial concerns, and 59% expect to spend more on energy costs this year compared to last. 
• 63% say eating healthy feels like a luxury today, with a quarter (25%) buying fewer fresh foods in favor of frozen or processed alternatives, and 21% occasionally skipping meals. 
• 53% say the way they shop, eat, and socialize has permanently changed because of grocery costs, rising to 59% of millennials.
• 36% of Americans are participating in or considering a “no buy” challenge this summer, rising to 47% of Gen Z, yet 28% of participants haven’t been able to save money because all of it is going toward necessities.
• 44% of people are participating in “no buy” or “low buy” challenges by default because they’re already spending so much on basic necessities that they don’t have any money left for discretionary spending.  

The rising cost of everyday necessities is forcing Americans into a summer defined by tradeoffs. Even as many try to rein in their spending, they’re finding that the cost of basics alone is enough to bar them from building savings. 

According to new data from Intuit Credit Karma, more than half of Americans (53%) say rising summer temperatures have become one of their biggest seasonal financial concerns, nearly three quarters (72%) are stressed about grocery costs, and more than a third (36%) are currently participating in or considering a “no buy” challenge, though many aren’t doing so by choice. 

Combined, these financial pressures are leaving even the most disciplined budgeters with little room to get ahead. 

Staying cool is becoming a luxury 

As temperatures and utility bills rise, 53% of Americans say they feel trapped between staying comfortable and saving money this summer, with nearly six in 10 Americans (59%) expecting to spend more on energy and cooling costs this summer compared to last year. 

When it comes to managing those costs, tactics vary by generation. Boomers are more inclined to tough it out at home, with nearly half (48%) limiting their use of air conditioning and 34% keeping their homes warmer than they’d like, the highest rates of any generation. Gen Z is finding ways to avoid the problem entirely: roughly one third of Gen Z (34%) rely on public places like cafes and malls to cool off and 18% are looking into negotiating or lowering recurring bills to help offset the cost. 

Across generations, 47% have changed their daily routine to avoid using electricity during peak hours, but that doesn’t always trump feelings of obligation. Nearly half (49%) say they feel pressure to keep their home cooler for pets, children, or other family members despite the cost. 

Six in 10 Americans (60%) say keeping their home cool this summer feels like a luxury, and when the bills get too high, most Americans have a breaking point. 

Here are the electricity bill amounts that would prompt people to begin cutting back on their cooling use (i.e. air conditioning) to save money: 

Grocery costs are squeezing more than just budgets 

Rising grocery costs have been squeezing Americans’ budgets for years now, yet it doesn’t make the reality any less painful. Every time they go to the store, 68% of Americans experience sticker shock, and 58% say they now dread grocery shopping altogether. 

What used to be part of a weekly routine for many has become a persistent worry. More than half of Americans (56%) say they constantly think about their grocery spending, impacting 65% of people’s ability to save money. 

The consequences extend well beyond budgets. Nearly half (47%) say higher grocery costs have lowered their overall quality of life, and 53% say the way they shop, eat and socialize has permanently changed because of grocery prices. 

Health sacrifices 

Faced with rising costs, a quarter of Americans (25%) say they’re buying fewer fresh foods and more frozen or processed alternatives. Meanwhile, 22% are eating smaller portions, 21% occasionally skip meals and 17% say they have to buy unhealthy food for themselves or their families because it’s cheaper. As a result, 63% of Americans say eating healthy feels like a luxury today. 

The social toll

Rising grocery costs have even changed how Americans connect with others. More than half (56%) say that hosting people at home feels more financially difficult than it used to, causing more than a quarter (27%) to skip inviting people over altogether. This also bleeds into special occasions like birthdays and holidays with 1 in 5 (20%) skipping or cutting back on holiday and celebratory gatherings. 

Stretching every dollar to afford groceries 

Americans are getting creative in order to manage high grocery costs, with the most common coping strategies including seeking out sales and coupons (42%), removing non-essential snacks and treats from their carts (33%), cutting back on other areas of their budget to accommodate grocery costs (28%) and shopping at discount stores (24%). 

On average, 37% of people are spending between $150 – $300 per week on groceries, even as they keep close tabs on their spending: half (50%) check the running total of their groceries before checkout. 

Budgeting isn’t enough for everyone when it comes to juggling grocery costs, especially young people. One in five (20%) of Gen Z have applied or considered applying for food stamps and 16% rely on or have considered relying on food banks. 

For some, the financial pressure is creating feelings of shame: 15% feel ashamed about their inability to afford groceries overall (22% of Gen Z), and roughly one third of Gen Z (32%) hide their grocery spending from their partner, family member or someone they share finances with, compared to 27% of millennials.

The limits of the “no buy” and “low buy” summer 

With necessities like utilities and groceries consuming a growing share of household budgets, it’s no surprise that Americans are looking for ways to cut back elsewhere. Enter “no buy” and “low buy” challenges, viral trends that encourage people to stop or significantly reduce discretionary spending. 

This summer, more than a third of Americans (36%) are currently participating in or considering a “no buy” challenge, rising to 47% of Gen Z and 45% of millennials. Even more (45%) are taking part in or considering a “low buy” challenge, rising to 59% of Gen Z and 51% of millennials. 

Among participants, the beauty-focused “Project Pan” trend, which encourages people to use up the makeup and skincare products they already own before buying anything new, is also gaining traction. More than half (56%) say they’re taking part, including 65% of millennials and 61% of Gen Z.

Why Americans are cutting back 

In many cases, Americans aren’t choosing to partake in these spending challenges, they just don’t have any choice. The top reason people are participating in these challenges is because they’re already spending so much on basic necessities like housing, groceries and utilities that there’s simply nothing left for discretionary spending (44%). 

Other motivators include: 

• Building savings – 39% 
• Paying down debt – 29% 
• Saving for a specific goal – 22% (31% of Gen Z)
• Shopping too much and wanting to limit consumption – 22% (27% of Gen Z)
• Having too much credit card debt – 21%
• Having depleted savings – 19% (25% of millennials)

Committing to spending less doesn’t always result in savings. Among those participating in “no buy” or “low buy” challenges, more than a quarter (28%) say they haven’t been able to save a single dollar because all of their money is going toward necessities.

“What we’re seeing this summer is a financial squeeze coming from all directions,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “Americans are being intentional about spending less, yet many still can’t save because the cost of necessities alone is eating up their entire budget. If you’re feeling stressed about your finances, focus on what you can control, and start with the bills you already have. For instance, you can call your utility provider to ask about programs that can help lower or stabilize your monthly bill. When shopping for food, compare prices across stores before you shop and don’t be afraid to seek out assistance programs or community food banks. There’s zero shame in using every resource available to you.” 

Methodology 

This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma between June 1, 2026 and June 3, 2026, among 1,017 adults ages 18 and older.

Note: This study was conducted among 629 U.S. adults ages 18-45, among whom 629 don’t want to have any/more children or are unsure if they want to (referred to as Gen Z and millennials throughout). 

For a prominent number of young Americans, the decision of whether to have children is just as much financial as it is personal. 

New data from Intuit Credit Karma, conducted by The Harris Poll shows 54% of Gen Z (ages 18-29) and 50% of millennials (ages 30-45) feel pressure to choose between their own financial security and having any or more children. 

That pressure is intensified by today’s economic conditions. More than two-thirds (68%) of Gen Z and millennials combined say the cost of raising a child in today’s economy feels financially out of reach for someone in their financial situation. And many don’t expect conditions to improve anytime soon. Nearly three-quarters (71%) say the economy will not be stable enough for them to comfortably start or grow a family within the next five years. 

For many, those concerns translate into delayed or reconsidered family plans. Just over six in 10 (61%) Gen Z and millennials combined say finances have influenced their decision to delay, limit, or reconsider having children. Rising everyday expenses appear to be at the center of that decision, with the cost of living (33%) and childcare (26%) emerging as the most commonly cited financial barriers.

Childcare, in particular, continues to weigh heavily on family planning decisions. More than a third (36%) of Gen Z and millennials combined say that if childcare were more affordable or subsidized, they’d seriously reconsider having children or expanding their family. 

The top financial factors influencing decisions on having any/more children include: 

It’s not just about money 

Finances dominate, but they are not the only factor also shaping family planning decisions. A quarter (25%) of Gen Z and millennials combined say they value their current lifestyle, and more than one in five (22%) express concerns about the kind of world their child would grow up in. Other factors include feeling too old (21%; particularly for millennials 31% compared to 4% of Gen Z), not having a partner or the right partner (17%), health issues (13%), climate change/environmental concerns (10%) and simply not wanting children (10%). 

When asked to weigh the two, 44% say that financial concerns and the current state of the world are equally responsible for their decision to not have children/more children. 

“Deciding whether to have children has become closely tied to financial security for many young Americans,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “We’re seeing people weigh their long-term financial stability against major life decisions in a way that previous generations may not have had to. When everyday costs like housing, groceries, childcare and healthcare already feel difficult to manage, the idea of supporting a child can feel overwhelming. For some people, it’s leading them to delay having children, reconsider growing their family or question whether parenthood is financially realistic at all. For those who do want children, their focus is often on building savings, paying down debt, or trying to create a stronger financial foundation first.”

Methodology 

This survey was conducted online within the United States by The Harris Poll on behalf of Credit Karma from April 9-13, 2026 among 629 U.S. adults ages 18-45 who don’t want to have any/more children or are unsure if they want to (referred to as Gen Z and millennials). The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 4.9 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact pr@creditkarma.com. 

Note: This study was conducted among Gen Z, Millennial and Gen X adults. Throughout this article, respondents are referred to as “Americans.” 

Key takeaways:

• 55% of Americans say this is the most financially stressful summer they can remember, with two-thirds (66%) reporting that current economic conditions are making them more stressed about their finances than in previous summers.
• 45% say rising gas prices and airfare costs have led them to cancel their summer travel plans, with more than half (56%) saying they feel priced out of traveling this season entirely.
• 52% plan to take on extra work to afford the summer they want, rising to 59% of Gen Z and 57% of millennials. 
• 31% expect to take on debt this summer, including 37% of Gen Z. More than a third (35%) expect to rack up anywhere from $1,000-$3,000 in debt. 
• 47% of Gen Z say their summer travel plans are more expensive than they can realistically afford, but they don’t plan to scale them back. 

According to a new study from Intuit Credit Karma, more than half of Americans (55%) say this is the most financially stressful summer they can remember, and two-thirds (66%) say current economic conditions are making them more stressed about their finances than in previous summers. 

With high gas prices and grocery costs eating into everyday budgets and airfare costs squeezing travel plans, Americans are being forced into difficult trade-offs, whether that’s cutting back on essentials, taking on debt, or giving up on summer plans entirely. While many Americans are pulling back (particularly Gen X), others (especially Gen Z), are moving forward with their summer plans, even if it means racking up debt or hustling to make it work. 

Americans enter summer with stretched budgets 

More than a third of Americans (34%) say their financial situation has worsened over the past year, rising to 39% of Gen X. The state of the US economy is a shared concern among 89% of Americans, which bleeds into their top financial concerns as they head into summer: 

• Cost of food and groceries – 45%, rising to 54% of Gen X 
• Cost of gas – 40%, rising to 46% of Gen X
• Saving money – 28%, rising to 35% of Gen Z

Rising gas prices are a sticking point for many Americans’ summer plans. People report spending significantly more on gas per month compared to last year, with 25% spending $50 to $100 more per month and 16% spending $100 to $200 more.

That extra cost is forcing people to make spending trade-offs (spend less or give up entirely). As a result of rising gas prices, Americans are sacrificing: 

• Groceries – 29%
• Entertainment (streaming services, concerts, sporting events, etc.) – 29%
• Name-brand products (e.g. choosing generic/store brands instead of premium brands) – 25% 
• Visiting family/friends – 23%
• Road trips – 22%
• Family vacations – 22%

This strain is influencing how people feel about their financial runway. Six in 10 (61%) say they have less financial flexibility this summer than in recent years, and 69% are worried the economic situation could get worse before the summer is over.

A summer in the red 

Nearly a third of Americans (31%) expect to take on debt this summer, rising to 37% of Gen Z. Among those who expect to take on debt, 35% anticipate adding anywhere from $1,000 to $3,000, including 41% of millennials and 40% of Gen X. Debt bills skyrocket for roughly one in eight Gen Xers (13%) who anticipate taking on more than $4,000 in debt. 

Travel plans meet economic reality 

Despite the financial stress, more than half of Americans (57%) still plan to travel this summer, especially Gen Z (63%). On the other hand, the desire to travel is being met with economic reality. Nearly half (45%) say rising gas prices and airfare costs have led them to cancel their summer travel plans, and more than half (56%) feel priced out of traveling this summer. 

Those who are flying are getting creative to help manage the cost of airfare. Top strategies include: 

• Charging airfare to a credit card – 28% 
• Choosing budget airlines – 28% 
• Booking earlier than usual – 28% 
• Flying at off-peak times or days – 26%
• Using points/miles or travel rewards to offset the cost – 23% 
• Choosing a destination based on cheaper airfare – 18%

Rising costs are also influencing where and how people travel: 

• 25% are taking fewer trips 
• 21% are choosing a destination(s) closer to home 
• 20% are choosing a more affordable destination(s) (e.g. national parks) 
• 18% are staying with friends and family 
• 17% are shortening the length of their trips 
• 15% are opting for staycations 
• 14% are traveling with others to split costs 
• 14% are switching from flying to driving to save on airfare 

Gen X pulls back while Gen Z pushes forward 

When it comes to summer spending, these two generations are heading in opposite directions.  Four in 10 Americans (40%) expect to spend less this summer compared to last, rising to 44% of Gen X. Meanwhile, 27% of Americans expect to spend more, rising to 36% of Gen Z. 

That divide shows up in where Americans expect to spend more this summer: 

• Groceries – 66%, rising to 71% of Gen X 
• Gas – 53%, rising to 58% of Gen X 
• Travel – 31% 
• Dining out – 31%, rising to 38% of Gen Z 
• Entertainment (concerts, sporting events) – 25%, rising to 33% of Gen Z 

To cover summer expenses, Americans are reaching for a mix of payment methods: checking accounts (40%), credit cards (39%), and savings (30%). Notably, credit card usage is highest among Gen Z (45%) and millennials (43%). While buy now, pay later (BNPL) is being used by  26% of Gen Z, underscoring how this generation continues to lean on alternative payment methods to manage cash flow. 

Sacrifices and side hustles 

Young Americans are hustling to make their summer costs work. In order to afford the summer they want, 59% of Gen Z and 57% of millennials are taking on extra work (e.g. gig work). And yet, even with the extra effort, 55% of Gen Z say that even though they budgeted for summer plans, it still doesn’t feel like enough.

Many are also making sacrifices. Nearly half (46%) are cutting back on non-essential spending (55% of Gen X), while a quarter (25%) are going a step further and skipping or cutting back on essentials (29% of Gen Z). 

Gen Z’s summer-at-all-costs mentality 

More than half of Gen Z (52%) say they will always prioritize having a fun summer, regardless of their financial situation. And they’re putting their money where their mouth is: 47% of Gen Z say their summer travel plans are more expensive than they can realistically afford, but they don’t plan to scale them back. While they don’t have plans to backtrack, many still feel regret. Four in 10 (41%) say they regret booking an expensive trip months ago that they now feel they cannot afford. 

Some Gen Zers are shielded from trade-offs because they’re not footing the bill. Nearly half (46%) say their partner is paying for most or all of their summer travel costs. For those who do have to compromise, 59% plan on taking a “micro” vacation – smaller, more affordable experiences that still feel special but cost less.

Social pressure is adding fuel to the fire, with 45% of Gen Z admitting they have been or expect to be influenced to spend money they don’t have this summer by seeing other people’s social media posts about travel, weddings, events and experiences. 

That pressure is also straining friendships: 43% resent their friends for expecting them to spend beyond their means, and 42% have lost or expect to lose a friend because they can’t afford to participate in summer plans like weddings, bachelorette parties or vacations. 

“The cost of just about everything, from groceries to gas to airfare, is testing Americans’ financial limits this summer,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “What stands out is the gap between desire and affordability, and how differently generations are responding. Many Gen Xers are stretched thin and making real sacrifices just to get by, while Gen Z is pushing forward with their summer plans even if the math doesn’t add up. If you’re feeling the squeeze, being honest with yourself about what you can truly afford – whether that’s a smaller trip, a staycation or a micro experience – can help prevent a financial hangover that follows you into fall.” 

Methodology

This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma between April 29, 2026 and May 1, 2026 among 1,024 adults ages 18 and older.

Key takeaways: How young adults are navigating money today 

• More than half of Americans ages 18-24 (51%) are still receiving financial support from parents or relatives, with living at home (49%) and receiving money when needed (46%) being the most common forms of support.
• Even with family support, 61% of young adults say they still have to make significant financial compromises, whether that means struggling to cover unexpected expenses or making deliberate trade-offs to afford lifestyle experiences.
• Nearly a third (31%) of young adults don’t feel prepared to manage their personal finances, with saving for long-term goals, investing, and understanding interest rates among the biggest knowledge gaps.
• More than half (56%) take on gig work or side jobs to afford non-essential spending, reflecting the financial trade-offs young adults are making to sustain their lifestyles.

Financial independence has long been treated as an early marker of adulthood. Get a job, get a place, get a handle on your money. Yet today, that transition is proving harder than it looks on paper. 

A new study from Intuit Credit Karma finds that despite many young Americans (18-24) receiving financial help from family, half (51%) say they’re sacrificing too much just to get by. This underscores how economic realities and financial knowledge gaps are reshaping what financial independence looks like today.

Why young Americans rely on their parents for financial support

Half of young adults (51%) are currently receiving some form of financial support from parents or relatives. The most common types of support include living at home with parents/relatives or in a family-owned property (49%), receiving money when needed (46%), having health insurance or medical expenses covered (38%), and having parents or relatives pay some or all of monthly bills like cell phone, gas, food, or utilities (36%). 

It’s not a single safety net, but several layered on top of each other.

The reasons behind the support vary, with some reflecting financial needs, while others come from supportive family dynamics. 

Four in 10 (40%) say they are unable to fully support themselves financially, while another 40% say their family wants them to focus on school or career development. Other reasons include: 

• 38% are financially able and willing to help 
• 34% want to help them save money for the future 
• 28% want to help them manage the high cost of living 
• 18% are concerned about the job market for people their age 
• 17% say it’s culturally or personally expected in their family 
• 14% say they supported their sibling(s) so they feel an obligation
• 14% want to help them pay off student loans

Notably, most young adults who receive support don’t have a firm timeline for financial independence. Only 12% say there is a clear timeline, while 46% say there are expectations but no fixed deadline, and 17% say the support is open-ended.

The parents providing financial support largely seem to understand the economic reality their kids are facing:

• 62% of young adults say their parents/relatives think it’s harder for people their age to become financially independent today 
• 53% say their parents/relatives believe their generation is at a financial disadvantage compared to previous generations
• 54% say their parents/relatives believe helping them financially is necessary given today’s economic conditions

Support doesn’t mean stability 

Even with family support in the picture, financial compromise doesn’t disappear. Among young adults who receive support, 61% say they still have to make significant compromises. 

Some of this is driven by financial strain. Across young adults overall, 44% say their financial compromises have left them unprepared to cover an unexpected expense like a car repair or medical bill. 

In other cases it’s a deliberate trade-off: 40% of young adults who live at home with parents/relatives say they do so specifically to free up money for lifestyle experiences like dining out, travel, and attending festivals.

Nearly half (47%) of young adults say they are making financial compromises to enjoy life now over long-term financial security. 

In fact, 36% are actively avoiding or delaying paying down debt to fund lifestyle experiences, and roughly one-third (34%) are taking on credit card debt to do so. 

To fund non-essential spending without going further into the red, more than half (56%) say they take on gig work or side jobs to afford non-essential spending. 

Young adults are making active –sometimes costly– choices about how to live within constraints that feel increasingly tight, whether driven by the economy, their own financial habits, or both.

Young adults face real gaps in financial literacy 

Nearly a third of young adults (31%) say they don’t feel prepared to manage their personal finances, and the gaps they identify are fundamental: 

• 48% feel least equipped to save for long-term goals (e.g. home, major purchases) 
• 42% don’t understand how to invest or grow their money 
• 41% don’t understand interest rates and fees on credit cards or loans
• 36% feel unprepared to manage bills and recurring payments 
• 34% feel unprepared to manage day-to-day cash flow (having enough money between paychecks)
• 28% feel unprepared to manage or pay down debt 

For many, the response is avoidance. More than half (53%) of young adults say they avoid thinking about or managing their finances because it feels overwhelming. 

That avoidance has real consequences: 

• 22% say they could cover essential expenses for less than a month if they lost their main income source
• Roughly 1 in 7 (15%) say they currently cannot afford essential expenses at all

Learning the hard way 

Financial vulnerability isn’t just about the economy, it’s also shaped by gaps in knowledge and action. 

More than four in 10 (43%) say they’ve made financial decisions without fully understanding the implications, and nearly half (48%) say they know what they should be doing but don’t take action. 

Those gaps have a way of making themselves known eventually. Nearly half (47%) said their biggest financial wake-up call was realizing how expensive everyday essentials are. 

Other wake-up calls include: 

• 41% tried to save and realized how difficult it is
• 34% had to pay rent or bills on their own 
• 30% faced an unexpected expense like a medical bill or car repair
• 21% watched subscriptions and recurring charges add up
• 19% got into credit card debt and experienced interest charges 
• 19% realized they didn’t have a credit score or credit history
• 14% were denied a credit card or loan 

Those lessons often come with real financial costs. Nearly half (46%) say their lack of financial knowledge has already cost them money in fees, interest, or missed opportunities.

The paycheck reality check 

For many young adults, a first paycheck is a major financial wake-up call. While an offer letter may show an annual salary, it’s not what lands in your bank account after taxes and deductions. 

That gap between expected and actual take-home pay has more than one in five (22%) young adults saying their biggest financial wake-up call was seeing how much taxes reduced their paycheck – and it’s not hard to see why. 

Only 26% say they clearly understand how much they’ll take home after taxes. In fact, one in five (20%) don’t currently have a job. 

Feeling the squeeze 

Whether driven by economic pressure, lifestyle choices, or limited financial knowledge, young adults are feeling the strain. 

Roughly half (51%) say they feel like they are sacrificing too much financially just to get by. 

“Young adults today are navigating a financial landscape that is in many ways more complicated than it was for previous generations,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “But what stands out is that the barriers aren’t just economic. Sometimes the barrier is a genuine knowledge gap, such as not knowing how taxes affect your paycheck, how interest compounds or how to start investing. Other times, it’s a conscious choice to live in the moment over planning for the future. If you’re in either camp, the most important thing you can do is start somewhere. Get clear on your actual take-home pay, build a budget around your real life, and don’t let the overwhelm keep you from engaging with your finances. Awareness is the first step, whether that means building knowledge or turning what you already know into action.”

Methodology: 

This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma on March 31, 2026 to April 2, 2026 among 1,011 adults aged 18-24. 

Key takeaways: 

• 86% of parents agree parents today need a different playbook to prepare their children for the future, as AI reshapes what it means to have a stable, successful career. 
• 76% worry that by the time their child enters the workforce, the rules for success will have changed, specifically the education, skills and experience traditionally needed to secure a stable good-paying job. 
• 89% have already made changes to how they are preparing their child for the future as a result of AI, spanning academics, extracurriculars, career exploration and financial independence. 
• 78% of parents are making changes to their own financial planning due to concerns about AI’s impact on their child’s future, including teaching their child financial independence earlier than planned. 
• 75% believe AI will open up career opportunities for their child’s generation that don’t even exist yet, suggesting that despite the worry, many parents are cautiously hopeful about what AI could mean for their child’s future. 

As artificial intelligence (AI) reshapes industries and redefines what it means to have a stable, successful career, American parents are paying close attention, and many are changing course.   

According to a new study conducted by The Harris Poll on behalf of Intuit Credit Karma, among 921 U.S. adults ages 18 and older who are parents of kids in K-11 (referred to as “parents” throughout), more than two-thirds (69%) say that thinking about their child’s future career feels more stressful than it used to be because of AI. And a majority (86%) feel parents today need a different playbook to prepare their children for the future. 

Why parents are worried about AI and job security

When it comes to their kids’ future careers, what parents want above all else is stability. Half of parents (50%) say job stability and security is among the most important factors when thinking about their children’s future careers. That is likely what’s making AI a source of concern for many parents. 

Nearly all parents (97%) say they have heard at least something about AI’s impact on jobs, and it’s more than just background noise. In fact, 8 in 10 (81%) say AI has changed how they think about their children’s future career. 

The more parents tune in, the more unsettled they become. Three-quarters of parents (76%) worry that by the time their children enter the workforce, the rules for success–the education, skills, and experience traditionally needed to secure a stable, good-paying job–will have changed. 

It also has them questioning the status quo. More than three-quarters of parents (78%) say AI makes them question whether traditional “good jobs” are still as secure as they once seemed, with 68% worrying that some of today’s most prestigious careers (e.g., lawyer, engineer) may become less secure over time.

It’s not just the job market that parents are worried about. Roughly 8 in 10 (79%) say AI is changing faster than schools can keep up, raising doubts about how well kids are being prepared for the future of work. 

Parents are taking action 

Despite the concern, most parents aren’t standing still. Nearly 9 in 10 parents (89%) have already made changes to how they are preparing their child for the future as a result of AI, spanning academics and skill-building, and financial independence. 

• Rethinking the academic path: Roughly 4 in 10 (41%) are encouraging their children to explore different subjects in school such as STEM, robotics and math. Meanwhile, 24% say they are adjusting their expectations about their children attending a four-year college. This suggests the traditional four-year college path is no longer the expected route for certain families. 

• Building skills that stand the test of time: Parents are doubling down on skills they believe will remain valuable regardless of how AI evolves. More than a third (37%) are encouraging exploration of different extracurricular activities such as debate, trade programs and AI camps. They are also placing greater emphasis on soft skills like communication and adaptability (35%), encouraging exploration of skilled trades or vocational paths such as electricians and HVAC technicians (35%), and exposing their children to a wider variety of career options through things like job shadowing and informational interviews (35%).

• Betting on independence: For a generation that may face a less predictable job market, parents are laying the financial and entrepreneurial groundwork. More than a third (37%) say they are focusing more on teaching their child financial literacy and independence such as budgeting and investing, and 34% are encouraging their child to explore entrepreneurship or self-employment, such as starting a small business or learning “business basics.” 

• Raising AI-fluent kids: Some parents are meeting AI head on. More than a quarter (28%) are having their kids focus more on AI literacy by actively teaching them how to use and understand AI tools. 

Top skills parents believe will matter in an AI-driven future

The changes parents are making tell a consistent story about what they think will actually count in an AI-driven world. When asked which skills will matter most for their children’s future, parents’ answers looked a lot like the changes they’re already making: 

• Critical thinking / problem solving – 43% 
• Adaptability (e.g. willingness to keep learning new skills) – 35%
• Financial literacy / money management – 28%
• Communication – 28%
• Technical/AI skills (e.g. knowing how to implement AI tools) – 26%
• Leadership – 25%
• Hands-on/trade skills (e.g. fixing, making things) – 24%

While AI skills made the cut, parents seem to believe that the most durable skills are still deeply human. 

AI concerns meet financial planning

The potential implications of AI are driving household financial decisions. Nearly 8 in 10 parents (78%) say they are making changes to their own financial planning due to concerns about AI’s impact on their children’s future: 

• 42% say they are thinking more about teaching their children financial independence earlier than they had planned.
• 41% are thinking more seriously about building generational wealth to provide their children with a financial cushion. 
• 34% are saving more overall to give their children a financial cushion.

For parents who are reconsidering the four-year college path, the financial implications may already be showing up in how they save. More than a quarter (27%) say they are rethinking how much they need to save for their children’s education overall as a result of concerns about AI’s impact on their children’s future, and 15% have already reduced how much they are saving for college, saying they are less certain it will be worth the cost. 

Not every parent is moving at the same pace, and for some that’s an intentional choice. Among the 77% of parents who say something is preventing them from making all the financial changes they want to make due to concerns about AI’s impact on their children’s future, the most common barrier is the conscious decision to wait. More than one third (38%) say they are holding off until their child is a bit older to see where things stand with AI and the job market. And, 21% say they aren’t entirely confident AI will change things enough to warrant action right now.

For others, the hesitation is less about choice and more about circumstance. A quarter (25%) of parents say they have other obligations that are taking priority, 17% say they cannot afford to make the changes they want to make, and 15% don’t know where to start. 

Parents see the opportunity, not just the threat

Still, worry hasn’t eclipsed hope. Three-quarters (75%) believe AI will open up career opportunities for their children’s generation that don’t even exist yet, while 67% say it will lower the barriers to starting a business, making entrepreneurship more accessible, and 63% believe it will make their children’s generation more productive in the workplace than generations before them. 

Parents aren’t just worried about AI, they’re actively adapting, prioritizing flexibility, financial literacy, and resilience over traditional career paths. 

“AI is shifting how parents think about their children’s futures, and while many are feeling the pressure, they’re not standing by,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “Parents are rethinking everything from the subjects their kids study to the extracurriculars they encourage, but what stands out to me is how much they’re rethinking their approach to finances. They’re starting money conversations with their kids earlier, thinking seriously about generational wealth, and teaching their kids how to be financially independent. In a world being reshaped by AI, the ability to understand and manage finances may be one of the most future-proof skills you can give your children.” 

Methodology 

This survey was conducted online within the United States by The Harris Poll on behalf of Credit Karma from April 3-10, 2026 among 921 U.S. adults ages 18 and older who are parents of kids in K-11. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 4.6 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact pr@creditkarma.com. 

Most Americans believe they’ve made smart financial decisions, but doing the “right thing” doesn’t always feel like enough. Many believe that even if financial success exists on paper, it doesn’t guarantee that it will translate to comfort in real life. 

Key takeaways: Why Americans feel like they will never have enough money 

• 78% of Americans say they don’t feel financially secure. Even though 70% believe they’ve made smart financial decisions, 68% say that having a positive financial standing on paper is not enough to ensure a comfortable lifestyle.
• 59% of Gen Z (ages 18-29) and 58% of Gen X (ages 46-61) feel financially insecure compared to their peers – but likely for different reasons: 40% of Gen X are living paycheck to paycheck and 36% say their income as not kept up with inflation, while 26% of Gen Z say they are unable to keep up with bills/payments, and report job instability.
• 43% of Americans believe they’ll never have enough money to achieve the American Dream, rising to more than half (56%) of Gen Z.
• 37% of Americans have given up on long-term savings to prioritize spending on short-term purchases and experiences, increasing to nearly half (49%) of Gen Z.

According to a new study conducted online by The Harris Poll on behalf of Intuit Credit Karma, among 2,081 U.S. adults ages 18 and older, 70% of Americans feel they have made smart financial decisions for themselves up until this point, yet 68% say that having a positive financial standing on paper is not enough to ensure a comfortable lifestyle. 

Why most Americans don’t feel financially secure today 

More than 3 in 4 Americans (78%) report that they do not feel financially secure. The top culprit is the rising cost of living (47%), followed by the current state of the economy (42%). 

Put simply, everyday life has gotten more expensive, and incomes are not keeping up. These costs show up in three main ways: costs rising faster than income, little to no savings cushion, and unstable or unpredictable income. For example, when it comes to factors that make Americans feel they are not financially secure:

• 31% say it’s because their income has not kept up with inflation, including 36% of Gen X
• 31% say it’s because they are living paycheck to paycheck, including 40% of Gen X and 38% of Gen Z
• 28% say it’s because they are unable to put money into savings, including 37% of Gen X
• 19% say it’s because they are unable to keep up with bills/payments, including 26% of Gen Z
• 16% say it’s because of job instability, including 26% of Gen Z

Comparison is the thief of joy for many, as more than half of Americans (51%) say they don’t feel as financially secure as other people their age, including 59% of Gen Z and 58% of Gen X. Additionally, more than one-third of Gen Z (34%) point to comparing themselves to others on social media as to why they don’t feel financially secure.

Why the American Dream feels out of reach for many Americans 

For many decades, financial success followed a familiar script: get a job with a steady income, buy a home and eventually retirement will follow. 

Today, that script feels increasingly unrealistic for 43% of Americans who feel they will never have enough money to achieve the American Dream (i.e. achieving financial success, such as owning a home or supporting a family through hard work), climbing to 56% of Gen Z and 57% of renters. 

Nearly 3 in 4 Americans (72%) share that certain aspects of their financial standing make them feel like they will never have enough money to achieve the American Dream. The biggest factors come down to three things: income not keeping up with rising costs of living, not being able to save after paying for essentials, and long-term financial pressure like retirement or debt. For example: 

• 31% say their income has not caught up with the rising cost of living, rising to 41% among those with a household under $50,000 annually, and including 36% of Gen Z and 34% of Gen X.
• 24% say not saving enough for retirement, rising to 32% of Gen X
• 23% say struggling to save money after covering monthly expenses
• 21% say struggling to afford necessities (e.g. rent/mortgage, food, utilities), including 29% of Gen Z 
• 19% point to the amount of debt they have, including 23% of Gen Z 
• 17% say their income is unpredictable 

The reliance on financial support adds another layer to the picture, with more than a third of Americans (36%) admitting they receive financial support from someone else (excluding a significant other), most commonly from parents (22%). Among Gen Z, 69% receive financial support, and 53% receive it from their parents. 

Why financial goals are falling out of reach 

Among Americans who have financial goals, more than three quarters (76%) feel there are certain financial goals they will never be able to afford despite how much they’ve saved or how hard they’ve worked. 

The goals most commonly described as out of reach: 

• Taking a dream vacation – 30%
• Retiring by 65 – 28%, rising to 43% of Gen X
• Buying a home – 26%, rising to 40% of Gen Z
• Paying off debt – 25%, rising to 34% of Gen X

Of those who feel they will never be able to afford certain financial goals, 44% have accepted they will need to compromise on what they want (e.g. buying a smaller home or cheaper car, having a smaller wedding), while 33% have concluded that achieving their goals simply will not be possible. Less than a quarter (23%) say they are not willing to compromise on their goals and will do whatever it takes to achieve them. 

Among Americans who have financial goals, 78% say they’re willing to take extreme measures to achieve them. Half (50%) are prepared to reduce non-essential spending (e.g. eating out, entertainment), 26% would delay retirement – including 34% of Gen X – and 25% would take on a second job or work multiple jobs.

Why Americans are prioritizing bills over saving for the future 

Nearly half of Americans (46%) say paying bills and covering necessities, (e.g. rent/mortgage, food, utilities) is among their top priorities for money allocation, including 55% of those with a household income under $50,000 and 52% of Gen X. 

Building savings comes in second at 43%, but that priority drops to just 33% among those with a household income of less than $50,000, where there’s likely little room left over after necessities are covered. 

Most starkly is that 37% of Americans have given up on long-term savings altogether in order to prioritize short-term purchase and experiences, rising to 49% among Gen Z.

“It’s clear that Americans are doing many of the right things when it comes to their finances, yet still feeling like it’s not enough,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “The reality is that when the cost of living outpaces income growth, even the smartest financial decisions can feel pointless. If you’re feeling financially insecure, the most important thing you can do is start with what you can control. Build a budget that reflects your actual life, not an idealized version of it, and tackle high-interest debt head on. It’s also worth reframing what financial success looks like for you personally. The American Dream doesn’t have to look the same for everyone, and adjusting your goals to fit your reality isn’t giving up. It’s a smart and necessary step toward building a life that actually feels sustainable.”

What to do if you feel financially insecure or behind financially 

If you’re wondering what to do when you feel financially insecure or like you’ll never have enough money, these steps can help you regain a sense of control over day-to-day money decisions. 

• Build a budget around your reality, not your goals: Before allocating money toward savings or paying down debt, track what you’re actually spending for 30 days. It’s easy to underestimate regular expenses, which can make planning feel useless. Tools like Credit Karma let you track your expenses and understand your spending habits better – e.g. how your month-to-month spending compares, including your top spend categories. 
• Prioritize high-interest debt first: If debt is contributing to your sense of financial insecurity, focus any extra dollars on paying down your highest-interest balances first. Credit Karma’s Debt Agent tool provides members with personalized debt consolidation plans that takes into consideration their actual tradelines, how much they can realistically pay each month, and their stated goals.
• Reframe the American Dream: If homeownership or retiring at a desired time no longer feel attainable, set new and meaningful goals rather than chasing a one-size-fits-all definition of success. Adjusting your goals is not the same as giving up on them.  

Methodology 

This survey was conducted online within the United States by The Harris Poll on behalf of Credit Karma from March 24-26, 2026 among 2,081 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact pr@creditkarma.com. 

By Lisa Greene-Lewis, CPA and Tax Expert, TurboTax

Key Takeaways

• Year after year more than one in five filers wait until the last two weeks to file
• Top cities waiting to file stretch coast to coast, with west coast cities, San Francisco, Oakland and San Jose being in the top three spots in tax year 2024 and the same cities showing up year over year
• TurboTax data reveals not knowing where to start and knowledge gaps may lead to delayed filing
• With refunds increased by up to $1,000 this year, TurboTax and Credit Karma can help you easily file now

The tax deadline is quickly approaching, and for millions of Americans, it couldn’t come at a better time. With grocery bills climbing, rent and gas eating up bigger chunks of paychecks, and financial cushions running thin, the average tax refund — over $3,000 — isn’t just a bonus. For many families, it’s a lifeline.

A new study conducted by Qualtrics on behalf of TurboTax found that 69% of Americans expect a refund this year, and of those, 70% plan to put it directly toward basic living expenses — rent, bills, groceries. That’s not a vacation fund. That’s survival money.

And this year, filers could see their refund increase by up to $1,000, or a lower balance due.

So with all that money on the table, why are people still waiting to file?

America’s Waiting Game

More than 1 in 5 Americans wait until the final two weeks of tax season to file — year after year. And it’s not random. The same cities keep showing up on the top of the list. According to TurboTax anonymized and aggregated data for tax year 2024, west coast cities topped the list with San Francisco, Oakland and San Jose being the top with 44% left to file as of 3/31, next on the list was Austin with 41% left to file, and Los Angeles and Monterey-Salinas coming in 3rd with 40% left to file.  Some east coast cities were not too far behind with New Yorkers and Floridians in Miami and Ft Lauderdale with 39% left. 

But before you chalk it up to laziness, the data tells a different story.

It’s Not Laziness — It’s a Knowledge Gap and Not Knowing Where to Begin

TurboTax recent surveys of 2,000 adults paints a picture of a country that’s largely in the dark about how taxes work.

• Two out of five Americans say they knew little or nothing about the new tax laws.
• 19% would rather clean a clogged toilet at a frat house than figure out how their taxes are changing under the new bill.
• 22% say they feel slightly or not at all confident about taxes.
• More than half (55%) depend on a parent, accountant, or friend to help them file — because they don’t feel they have the foundational knowledge to do it on their own. Among Gen Z, that number jumps to 72%.
• Only about half of Americans (49%) can confidently explain the difference between a tax deduction and a tax credit — a core concept.
• And 17% say they aren’t knowledgeable about any major deductions or credits — not the Child Tax Credit, not the Earned Income Tax Credit, none of them.

Recent research by TurboTax also revealed one of the biggest barriers to doing taxes for some people is they don’t know where to start and what documents to gather. When you use TurboTax and Credit Karma, a concierge will help you easily gather your documents and get started whether you do your taxes virtually or in person.

Gen Z: The Most At-Risk Generation

According to an earlier TurboTax study, the data on younger filers is especially striking. Over 54% of Americans aged 18–24 didn’’t know when the tax deadline was. One in three 25–34-year-olds didn’t know either. 

And that matters, because Gen Z is increasingly in the workforce, increasingly financially independent, and increasingly leaving money on the table.

The Cost of Waiting

Here’s what waiting on your taxes actually costs: time, stress, and potentially money. For someone who could use their refund to pay rent or cover bills, every week of waiting is a week of financial stress that didn’t have to happen.

The IRS is reporting refunds are up. That’s real money, for real needs. 

The Bottom Line

Whether you live in San Francisco or Savannah, whether you’re a Gen Z first-time filer or a seasoned taxpayer who just never quite got around to it — the numbers are clear: Americans need their refunds, but some are waiting until close to the deadline to file when they can get them done today and get closer to their refunds.

Here are the top tips you should know to help you easily file, maximize your refund, and file before the deadline without worry.

• Get started and gather all of your documents in one place.  Gather documents that report your income like W-2 and 1099s, and documents, forms and receipts related to deductions and credits you can claim.
• Decide how you want to file.  Whether you want to DIY, have someone help you along the way, or fully do your taxes for you virtually or in person, TurboTax and Credit Karma are here for you.  When you DIY through TurboTax or Credit Karma you are easily guided through your taxes and TurboTax AI agents can help you from the beginning. Whether it’s helping you figure out what documents to gather (one of the biggest reasons people procrastinate) to automating data entry for over 92% of tax forms eliminating manual entry.  You can also jumpstart your return by snapping a photo of your W-2s and 1099s and the information will automatically transfer to the right forms.  If you want someone to do your taxes for you, you can connect to one of our 15,000 tax experts with an average 13 years experience virtually or in person in one of our 20 local retail locations or 600 service centers.
• Don’t rely on general public LLMs for tax filing. When it comes to something as important as your taxes, only use a purpose built solution for tax filing.  Never share your sensitive, personal information with general public LLMs. TurboTax is built specifically for tax preparation and is designed for accuracy, compliance, reliability, and security.  TurboTax is also certified by the IRS to prepare and e-file tax returns.
• Go online and e-file with direct deposit.  If you are doing your taxes yourself go online and e-file with direct deposit. That’s the fastest way to get your refund.  The IRS expects to issue refunds within 21 days or less after acceptance of your return. With TurboTax you can file up until 11:59 pm on April 15 and make the filing deadline.
• Take advantage of the new deductions and credits. There are new deductions and credits you may be eligible for like the deduction for tips up to $25,000, deduction for overtime up to $12,500 ($25,000 married filing jointly), the Child Tax Credit up to $2,200 for each child under 17, the enhanced deduction for seniors 65 and over, the new deduction for auto loan interest up to $10,000, and the increased SALT cap of $40,000 if you’re a homeowner.  If you are waiting and you live in one of the regions with high state and property taxes you may benefit from the increase in the state and local and property taxes you can deduct.
• Don’t forget the most missed credits. Credits like the Earned Income Tax Credit up to $8,046  for a family with three kids and the Retirement Savers Credit up to $1,000 single and up to $2,000 married filing jointly can really boost your refund and help your tax outcome, but IRS reports one out of five people miss these credits every year. With TurboTax and Credit Karma you are proactively reminded about these tax benefits if you are eligible so that you get every dollar you deserve.
• File even if you make under the IRS income threshold. The IRS income threshold is $15,750 single, $23,625 head of household, and  $31,500 married filing jointly.  Every year the IRS reports over a billion dollars in unclaimed refunds due to people not filing to claim their refunds.  Much of the unclaimed refunds belong to students and other people that make under the IRS filing thresholds.  If you had federal taxes withheld or you are eligible for a refundable credit like the Earned Income Tax Credit you should file so you don’t leave any money on the table.
• Make a tax year 2025 IRA contribution. You can contribute up to $7,000 ($8,000 50+) by April 15 and you may be able to deduct the contribution on your 2025 taxes and lower your taxable income. Just make sure you tell your plan administrator the contribution is for tax year 2025

If you are missing information important for your return and need to file an extension, you can file an extension with TurboTax , but remember an extension is an extension to file and not to pay if you owe. Delaying filing because you think you may owe? Don’t let the thought of possibly owing hold you back; by the time you get all the deductions and credits available, you may be getting a tax refund!  The majority of filers do. If you do owe money, pay as much as you can, and then you can contact the IRS for an Installment Agreement, which allows you to pay what you owe over six years.

You don’t have to figure it out alone. Whether you live in one of the procrastinating cities or not, regardless of the reason for delaying filing, you can file your taxes with TurboTax and Credit Karma now whether you want to file yourself or have a tax expert prepare and file your taxes for you.

Methodology

TurboTax tax year 2024 DMA data is anonymized and aggregated in compliance with US tax regulation requirements. Survey data is sourced from a TurboTax online survey within the United States by Qualtrics on behalf of Intuit TurboTax on February 5, 2026 to February 9, 2026, among 1,010 adults ages 18 and older,  by Wakefield Research among 1,000 Nationally Representative U.S. Adults Ages 18+, and an oversample to a total of 1,000 US Hispanic Adults Ages 18+, between September 19th and September 28th, 2025, using an email invitation and an online survey, and a Harris Quest DIY survey of 2,000 adults ages 18 – 65.

New data from Intuit Credit Karma and TurboTax highlights how many Americans feel they are making informed financial decisions.

“I’ve Got This”… Or Do We?

Nearly three-quarters of Americans (74%) say they consider themselves financially literate, especially when it comes to budgeting with 64% feeling very or extremely confident managing a budget. But confidence drops sharply with more complex financial topics. 35% of Americans feel only slightly or not at all confident about their investing knowledge, 22% feel slightly or not at all confident about taxes, and 26% feel slightly or not at all confident about loans. 

Even though many Americans feel financially literate to an extent, one third of respondents (67%) admit they’d be further ahead in life if they were more financially literate. This shows that while many feel confident in their financial knowledge, they still recognize there are gaps that may be holding them back. 

The Tax Knowledge Gap Is Real

Taxes are a particular sticking point for Americans. More than half of Americans (55%) say they depend on a parent, accountant or friend to help them file their taxes because they lack the foundational knowledge to do it confidently on their own. Among Gen Z, that number jumps to 72%.

When it comes to understanding the fundamentals, only about half (49%) say they can confidently explain the difference between a tax deduction and a tax credit. Meanwhile, 17% say they aren’t knowledgeable about any of the major deductions and credits, from the Child Tax Credit to the Earned Income Tax Credit.

Given these gaps, it’s no surprise that three quarters (76%) say a required school course on personal tax filing would have been very-to-extremely valuable to their lives today.

When it comes time to file, most Americans turn to online tax preparation software like TurboTax (54%), while 21% use a certified accountant and 19% go with an in-person service. Just 7% still file by hand.

Schools Fall Short on Money

Today’s financial literacy gap starts in school. Nearly 4 in 10 Americans (39%) don’t believe school prepared them to manage their finances as an adult.

Here are the financial topics they wish they’d learned in class:

• 64% investing 
• 56% creating a budget 
• 50% filing taxes
• 51% credit card basics 
• 51% debt management

Parents Shape Money Habits

If school fell short, who filled the gap? For most people, it was family: 61% of Americans say their parents or grandparents had the greatest influence on their financial habits growing up, and 83% say their parents’ attitudes toward money still shape how they think about it today.

But influence doesn’t stop at home. Roughly one in five  (21%) say social media and influencers influenced their financial habits growing up, climbing to 29% among millennials.

The Convenience Trap

One area where the survey reveals a generational divide: the prioritization of convenience over cost. More than half of Americans (53%) agree that when it comes to subscriptions and services (like Netflix or DoorDash), convenience wins over price-consciousness.

But that tendency skews heavily by age. A striking 76% of Millennials agree, compared to just 25% of Boomers. Gen Z clocks in at 58%, suggesting that the “subscribe to everything” mentality may be softening slightly among the youngest adults.

On the flip side, 80% of Americans say they do know exactly how many subscription services they’re currently paying for, which is a start.

How Emotions Shape Financial Decisions…and Increase Risk

When it comes to the emotions that influence  Americans’ financial decisions, confidence tops the list (39%), followed by optimism (20%), with fear not  far behind at 14%. 

That emotional decision-making can come at a cost. Nearly half of Americans (52%) say they’ve experienced a financial setback due to a decision based on incorrect information.

That vulnerability may also help explain rising concern about financial scams: 40% of Americans say they’re very or extremely worried about falling victim to one, while  another 48% are at least moderately concerned. In an era of increasingly sophisticated fraud, that wariness may be well-founded.

The Bottom Line

Americans are more financially engaged than they sometimes get credit for, but engagement and education aren’t the same thing. The data suggests a population that is largely winging it, learning from family by default, and quietly wishing someone had given them a proper foundation earlier.

The good news? It’s never too late. Whether it’s finally understanding your W-4, getting clear on what deductions you qualify for, or building a budget that actually sticks, one of the most important financial moves is simply deciding to learn and take action.

In a time of rising costs and economic uncertainty, tax refunds have become a lifeline for many Americans. While many aim to save their refund or pay down debt, a majority rely on refunds for essential expenses, and they want that money in their pocket as soon as possible. 

According to a new study conducted by Qualtrics on behalf of Intuit TurboTax of 1,000+ U.S. adults ages 18 and older, a majority of Americans (69%) say they expect to receive a tax refund this year, most of those respondents (70%) say they use their refund to cover basic living expenses, like paying rent and paying bills.

As such, there is a rising demand for smarter tools and clearer guidance that help people make strategic decisions around what to do with their refund. 

Rising Costs Drive Refund Dependence

“Refund season” has effectively become “relief season” as Americans count on their refund to make ends meet.  

More than half of respondents (51%) say they rely on their refund because of the rising cost of living, including housing and groceries. Another 35% report living paycheck to paycheck, while 21% say they need their refund to pay down high-interest debt.

When asked, “Which of the following reasons, if any, explain why you rely on your refund to make ends meet? Select all that apply.” Here is how Americans answered:

And the urgency is clear: 91% of those expecting a refund say getting it as quickly as possible is important.

At the same time, financial fragility remains widespread. Nearly one in four Americans (24%) worry they won’t be able to afford their tax bill this year, and 20% believe they may need to take on debt to pay what they owe. And, only half (49%) think their refund will stretch as far as it has in previous years, when in reality, the majority of filers will get a tax refund and filers are expected to see up to $1,000 increase in their refund this year.

Refunds Offer a Financial Reset for Some

While many Americans plan to use their refund for necessary expenses, others see it as a rare opportunity to strengthen their financial footing.

Among those expecting a refund:

• 44% plan to put at least a portion into savings
• 41% will spend it on necessities
• And, 35% intend to pay down debt

For those planning to save, their motivations reflect economic uncertainty: over one third (39%) say they want to prepare for unexpected expenses like car repairs or medical bills, and over one quarter (28%) say they are worried about the state of the economy.

This year, the data suggests tax refunds are serving a dual purpose: plugging short-term budget gaps while offering some a chance to build their financial foundation. 

The Gig Economy’s Tax Surprise

For Americans earning income through side hustles, tax season can bring some sticker shock. Among respondents who do gig work, 36% say they were surprised in past years by how much they owed in taxes due to side income, and half (50%) say that unexpected bill made them reconsider having a side hustle at all.  For those side giggers who didn’t have the tax outcome they expected, it’s important that you claim every eligible deduction directly related to your business: expenses like supplies, mileage, travel, the home office deduction, and any other deductions specific to your business.  TurboTax Business can proactively identify deductions specific to your business, and if you want an expert to do your taxes for you, you will be matched to a TurboTax Business expert in your specific industry so you don’t miss any deductions.

Growing Demand for Guidance

Sometimes, the smartest financial move for your tax refund isn’t the obvious one. More than half (52%) of those who expect a refund this year say they wish they had help determining the smartest financial move for their refund. Notably, 30% say they plan to use AI tools to help think through how to spend or save that money.

Filing itself is largely digital, with over half (52%) planning to file using online tax software like TurboTax,  though 22% still plan to file with a certified accountant or financial advisor, and 18% plan to file with an in-person tax service.

If you’re someone who prefers to do your taxes yourself, or have an expert file for you – virtually or in person – TurboTax and Credit Karma can help you get your maximum refund you’re eligible for. 

Security Remains Top of Mind

Beyond financial concerns, data protection weighs heavily on taxpayers. Most Americans (71%) say they think about whether their personal information is adequately protected before filing. And, over one third (67%) say real-time alerts about potential refund or identity issues would make them feel more secure.  

A Changing Meaning of Tax Season

The data paints a clear picture: in today’s economic environment, tax refunds have become a cornerstone of Americans’ financial picture. 

For many Americans, refund season is less about splurging and more about stability: a chance to catch up, stay afloat, or get ahead, even temporarily. 

To help turn refunds into big financial wins, Intuit Credit Karma’s Refund Assistant offers personalized recommendations on how members can best allocate funds from their tax refunds. Refund Assistant acts as a money optimizer, giving tailored recommendations on how to help that money go further by crushing debt, building an emergency fund, building credit, or investing for the future. 

“For millions of Americans, their tax refund is not only the largest check they get all year, but it’s also a financial lifeline,” said Lisa Greene Lewis, CPA and tax expert for Intuit TurboTax. “TurboTax’s data shows that the majority of Americans who expect a refund are using it to cover necessary expenses like rent, groceries, and bills, underscoring just how stretched household budgets remain. At the same time, many taxpayers are looking for smarter ways to use that money, whether that’s building emergency savings, paying down debt, or navigating economic uncertainty. With filers expecting to see a $1,000 increase in refund this year, now is a good time to file your taxes if you haven’t yet.”

Methodology 

This survey was conducted online within the United States by Qualtrics on behalf of Intuit TurboTax on February 5, 2026 to February 9, 2026, among 1,010 adults ages 18 and older.