Time to get super relatable: “The main money concern that comes up is how to pay student loans,” says Staci Dungee, a therapist at LifeStance Health. Millennial graduates feel overwhelmed by how much they owe.Monica Cwynar, LCSW, a licensed clinical social worker with Thriveworks in Pittsburgh who helps millennials cope with stress, life transitions and anxiety, reports the same, explaining, “They are worried about whether it was even worth taking on the debt, which can bring shame where there is no need for it.”Further, student loans aren’t their only major expense, and they affect multiple areas of a person’s life. “Many patients also feel guilty or bad about themselves because they have to have roommates or move back in with their parents because they are in crippling debt due to student loans on top of everyday expenses,” Dungee adds.
6 Other Common Money Concerns Millennials Talk About in Therapy
While student loans are a huge concern, they're far from the only one. Read ahead for more financial anxieties millennials have.
1. Affording therapy and other costs
Buying a house just isn’t as doable anymore.“Many millennials are frustrated and angry over being unable to buy their first home,” Cwynar says. “Many are renting and have high rent payments.”Prices continue to rise, she adds, which can exacerbate anxiety and cause people to feel trapped. What therapists suggest: Cwynar urges these clients to create a savings plan (to the extent that’s doable) and says many apps can help—a couple of examples include Acorns and GoodBudget.You can also explore alternative housing arrangements, she says, such as co-living and renting in less expensive areas.Last but not least, Cwynar talks to her clients about their values regarding home ownership and renting. For example, you might feel pressured to settle down more than you want to. Or maybe you plan to live in a bigger city soon, so waiting to buy a house is in your best interest.
3. Job stability and income security
If you’ve ever thought, “I make decent money but still feel broke” or “Everyone around me seems to have their lives together and I'm just trying not to overdraft,” you’re not alone. These are common phrases that Cheryl Groskopf, LMFT, LPCC, an anxiety, trauma and attachment therapist in Los Angeles, hears from millennial clients.Those sentiments are about the money—we need it to live—but they’re also not about the money. “It’s about shame, self-worth and comparison,” Groskopf says. “A lot of clients are successful on paper but feel like a failure internally. There’s this quiet panic underneath it all, like they're missing some adult manual every else got.”What therapists suggest: First and foremost, Groskopf is a fan of normalizing this struggle and eliminating shame.“This is what it looks like to be a millennial trying to function in an economy that was already stacked against them,” she says. She also connects what money means—like safety, freedom, guilt or survival—with clients’ past experiences, explaining why their body may go into fight-flight-freeze mode when they think of their bank account. (Little money can remind people of past financial trauma or anxiety.)
5. Debating job satisfaction versus a salary that’s suitable for their lifestyle
6. Long-term, existential concerns about how to handle their money
This concern also pertains to, and has shifted because of, the political climate. “Before the current administration, the number one concern I heard as a financial therapist from millennial clients was financial anxiety, especially around ‘doing money right,’” says Lindsay Bryan-Podvin, LMSW, a financial therapist and founder of the financial wellness business Mind Money Balance. “Now, that financial anxiety is still there, but it’s more existential.” For example, she’s heard clients ask, “Does it even make sense to invest in the stock market through my 401K?”, “Is it still safe to keep my money in a bank or credit union?” and “Will I have access to treatments and services that I need?”What therapists suggest: Bryan-Podvin takes several steps with clients. First, she untangles where the financial anxiety comes from (money shame, systemic barriers, unrealistic expectations, etc.) and builds a version of financial wellness that feels doable.“This means we’re creating if/then safety plans that require financial support,” she says.She also provides big-picture education about the stock market and the economy, particularly how historically, they go in cycles of growth and recession.Related: Here’s Exactly How To Prepare for a Recession, According to Finance Experts
The tariffs Wanting children but not being able to afford themNot having enough money in their emergency savingsNot having social security or being able to retireGuilt about making more than their parentsFeeling like they have to “earn” rest because they aren’t rich yetFear of being a financial burden in a relationship Disagreeing with their partner about how to spend moneyGuilt or intense caution around spendingCharging too little so they aren’t called “selfish”Spending money to cope with stress, then beating themselves up for it
Financial troubles can be overwhelming—there’s no doubt about that. But consider leaning on the fact that you’re in the same boat as tons of other people, and many tips and resources are at your disposal.
Related: The One Easy Money-Saving Tip Financial Pros Swear By
Sources:
Monica Cwynar, LCSW, a licensed clinical social worker who helps millennials cope with stress, life transitions and anxietyStaci Dungee, a therapist at LifeStance HealthCheryl Groskopf, LMFT, LPCC, an anxiety, trauma and attachment therapist in Los AngelesMandolin Moody, LMSW, a licensed social worker Lindsay Bryan-Podvin, LMSW, a financial therapist and founder of the financial wellness business Mind Money BalanceThriveworks 2025 Pulse on Mental Health Report, ThriveworksHow Much Does Therapy Cost?, Psychology Today Read More Details
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