Let's face it—money can feel like a constant source of stress, especially for young adults navigating today's tough economy.
In fact, a recent Pew Research Center study shows that nearly 60% of parents are helping their adult kids, ages 18 to 34, with financial support. Whether it's dealing with rising rent, figuring out credit cards or trying to save for the future, living independently can feel like an uphill battle.
At Apple FCU, we understand how hard it can be to take those first steps toward financial independence. That's why we're here to help. Let's break down six of the most common money struggles and explore how we can work together to overcome them.
6 Financial Challenges Today's Young People Face
1. "My rent keeps going up."
Housing costs seem to keep climbing, and in some places, rents have gone up by double-digit percentages in just the last few years. If you're feeling like you're tossing money away on rent, it might be time to explore whether homeownership is a realistic next step.
Why It Matters: Renting doesn't help you build equity, so after years of payments, you're left without an investment to show for it. And for many, the idea of saving for a down payment can feel out of reach.
How We Help: At Apple FCU, we get that buying your first home is a big step, and we're here to make it easier. With our First-Time Homebuyer Loan, you'll have access to competitive rates and fewer barriers to becoming a homeowner.
Not sure if buying is the right move? Check out our Rent or Buy? financial calculator to explore your options or chat with one of our Licensed Mortgage Loan Originators. We'll work with you to find the plan that fits your life and goals.
2. "I carry a credit card balance every month."
Credit cards can be super handy for building credit and managing expenses, but they can quickly become a headache if you're carrying a balance month to month. With the average credit card APR in the U.S. now at 24.61%*, it's easy to feel like you're spinning your wheels trying to pay down debt.
Why It Matters: Carrying a balance means paying a lot in interest, which can eat into your budget and make it harder to pay off what you owe. Over time, this can affect your credit score and limit your financial options.
How We Help: At Apple FCU, our Credit Cards have rates capped at 18.00% APR—much lower than the national average. Plus, our balance transfer program can help you roll over high-interest debt to a Card with a lower rate, giving you room to breathe. Visit our Credit Cards page to learn how to transfer high-rate balances to an Apple FCU Credit Card today.
If paying off your card feels overwhelming, start with a monthly budget that makes it a priority. Not sure where to start? Check out our Learning Center for tips, tools and resources to help you take control of your finances.
3. "I don't have an emergency fund."
Nearly half of Americans report that they would struggle to cover an unexpected $400 expense. If you're just starting out, building an emergency fund may seem like a overwhelming task—but it's one of the most critical steps toward financial security.
Why It Matters: Life happens—whether it's a surprise car repair, medical bill or job loss. Having an emergency fund means you're less likely to rely on high-interest loans or credit cards to get through tough times. Even a small fund can make a big difference when you need it most.
How We Help: Start small! Putting aside just $50 a month into a dedicated account can quickly add up. At Apple FCU, our Savings accounts offer competitive rates to help your money grow even faster.
Ready to get started? Automate your savings with Direct Deposit so it happens without a second thought. Before you know it, you'll have a solid safety net to give you peace of mind.
4. "I need a car but don't know if I can afford one."
For many young adults, having a car is a must for work and daily life. But with rising prices and monthly payments, it can feel like a big stretch for your budget. Plus, navigating dealerships can be stressful and overwhelming.
Why It Matters: A car payment that's too high can take a big bite out of your budget, making it harder to save for other goals like building an emergency fund or investing in your future.
How We Help: Apple FCU makes car shopping easy with our TrueCar platform. You can browse cars online, compare prices from trusted partner dealerships, and lock in your price—all before you even step foot on the lot. Once you've found the perfect ride, we'll help you get pre-approved for financing, so you know exactly what to expect—no surprises!
Ready to get on the road? We're here to help you find the car (and the deal) that's right for you.
5. "I'm not saving enough for retirement."
Retirement might feel like it's a long way off, so it's easy to put off thinking about it. But the sooner you create a retirement strategy and start saving, the more time your money has to grow thanks to the magic of compounding.
Why It Matters: Waiting to save for retirement can make reaching your future goals much harder. Each year you delay, you're missing out on valuable growth opportunities that could make a big difference down the road.
How We Help: If your employer offers a 401(k), try to contribute enough to get the full company match—that's free money for your retirement! If you're ready to save even more, Apple FCU can help you open an IRA and explore other tax-advantaged accounts to build your nest egg.
6. "I don't understand money matters at all."
Personal finance can feel overwhelming and confusing at first, and you're not alone if it all seems a bit intimidating. Without a solid understanding of the basics, it's easy to make mistakes or miss out on opportunities to grow your money.
Why It Matters: Learning how to manage your finances is key to long-term success. Even the best financial tools won't work for you if you're unsure how to use them effectively.
How We Help: Our Learning Center is packed with helpful resources like articles, videos and free financial counseling to make money matters easier to understand.
Need personalized advice? Schedule a video appointment with one of our experts—we're here to answer your questions and help you feel confident about your next steps.
While financial challenges may seem overwhelming, they're not insurmountable. By addressing these issues head-on and using resources like those offered by Apple FCU, you can start building a brighter financial future.
Progress takes time, but with persistence and the right support, you'll be able to overcome these hurdles and achieve your financial goals.
*From Lending Tree's "Average Credit Card Interest Rate in America Today", last updated on Nov. 7, 2024.
