the market is down and so am i

i asked 13 Gen Z women about social media, money trauma, and the economy

Hi, and welcome back to as seen on.

As promised, today's newsletter is Part 2 of ASO's Gen Z Career Report — a closer look at how Gen Z women are feeling about the economy and their finances. I hadn't originally planned a second installment, but as I was sifting through hundreds of survey responses from young people worried about work and money, a wave of articles about money dysmorphia and Gen Z's spending habits started hitting my timeline. Some I agreed with, others not so much.

So I decided to ask around. I reached out to 15 friends across the country and asked how they felt social media has shaped their spending — and how they're thinking about their finances lately, with everything going on in the economy.

Responses ranged from a few paragraphs to full essays, so I've pulled standout quotes and grouped them by theme. All 13 respondents live in big cities, are college educated, and most have full-time corporate jobs. Names have been changed at request.

One last thing before we dive in. I think it's important to say that these aren't necessarily the conversations my friends and I are having daily. We're not sitting around complaining about the state of the economy — though honestly, we'd be well within our rights to. Like everyone else, Gen Z is heads down, trying to make things work. If the vibes feel hyper-negative, it's because the vibes are hyper-negative.

I asked my friends what kind of response would be most helpful, and everyone said the same thing: advice. So if you've got any — on finances, budgeting, career stuff, or just surviving your 20s — drop it in the comments.

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💸 What The Media Gets Wrong About Us

I opened each conversation by asking my friends how they felt about the way Gen Z spending is portrayed in the media . Do we really spend more recklessly than other generations, or is something getting lost in translation?

People Act Like Gen Z Is Unique In Our Spending Habits

“My initial reaction to a lot of the dialogue about Gen Z is that journalists—most of whom aren’t Gen Z—put the onus on us in a weird way. Why does being Gen Z make people assume we spend recklessly or beyond our means? People act like Gen Z is unique in our spending habits, but we’re not.” - Daria, 27, Portland OR

I Personally Don’t Relate…

…to the theme of Gen Z being super loose with their spending. Not in a holier-than-thou way — it’s just not my story. And I’d say 98% of my friends are the same: very conscious about their spending and making an effort to save and invest.”- Sarah, 24, Washington D.C.

The Collapse Is Already Here

“My first thought when I see headlines like ‘Gen Z is terrified of the economic collapse’? I’m not terrified of its arrival — it’s already here for me. I’m working a job I hate, making less than I have in years, more burnt out than ever, and still applying to over 15 jobs a week. Let’s just say it: I’m more broke than I’ve been in a long time. So for there to be this rhetoric floating around that Gen Z is living beyond our means? Absolute bullshit. We’re meeting our means exactly where they need to be to survive — and still struggling.” - Dale, 25, Seattle

Most Of Us Are Anxious

“We’re all feeling it. And while the headlines frame Gen Z as impulsive or spendy, I haven’t seen that in my circle. Most of us are anxious, uncertain, and trying to prepare, even while the world still wants us to perform as if things are fine.” - Mickey, 26, New York

The Future Isn’t Promised, But Today Is

I get why we [Gen Z] spend the way we do — we’re trying to live a little while we can. Will America descend into fascism? Will the recession that feels like a depression ever end? Is a second civil war coming? Will the planet catch on fire before that even happens? The future isn’t promised, but today is. So goddamnit, I’m gonna eat that Chipotle burrito and watch Beyoncé shake some ass while I still can.” - Ellie, 26, Portland OR

💸 Swipe Now, Panic Later: Social Media And Money Dysmorphia

The discourse on money dysmorphia has always rung true to me. You’re not broke, your bank account says you’re doing fine, but social media makes you feel otherwise. As the New York Times put it: “the ‘boom boom’ aesthetic meets the gloom and doom of market turmoil.”

We’re Conflating Consumerism With Wealth

“Social media has definitely changed how I see money. I know I’m not broke, but it sometimes makes me feel like I am, even though I have a stable career that many in their early-to-mid 20s don’t. I think we’re conflating consumerism with wealth too. ‘Pay later’ options give the illusion of being able to afford things that might not have been possible before.” - Daria, 27, Portland OR

Money Breeds Delusion

“There’s a dissonance even within [my] bracket of privilege… I have friends who complain about being broke but buy designer stuff, eat at the nicest restaurants, and come from wealthy families. Money also breeds delusion — being around a lot of rich people makes you feel like you’ll end up wealthy too, even if the odds aren’t in your favor.” - Astrid, 26, New York

All This Buzz About Gen Z Buying Secondhand?

“Is my spending influenced by social media? In some ways, yes — but mostly no. In terms of vacationing and designer purchases, I’m not fooled. I know people either have rich parents, a one-in-a-million job, or—more likely—serious credit card or Klarna debt. Even all this buzz about Gen Z buying secondhand? Most aren’t bidding on designer vintage eBay finds or estate sales. They’re going to Vestiaire, SSENSE, TRR, etc., paying in installments, and probably not getting that great a deal.” - Ellie, 26, Portland OR

We’re Living In Hell, I Deserve This

“ I see TikToks and tweets that push the narrative: ‘The world’s ending—buy the treat,’ or ‘You deserve this because everything is terrible.’ There’s also content around gender roles, especially from Gen Z women, saying that if men want traditional women, they should financially support us—no questions asked. Honestly? I agree with a lot of it. I’m borderline misandrist at this point and fully believe women should take advantage of the few ways the system might work in our favor. But that mindset can also lead to reckless spending. I justify purchases by telling myself, ‘We’re living in hell, I deserve this,’ or ‘It’s fine—he’ll help me.’ That’s a dangerous loop.” - Arianne, 26, Washington D.C.

Your Parasocial Favorites Didn’t Pay For Their $500 Hair Dryers...

…their head-to-toe Tibi wardrobe, their luxury percale sheets. I say this as someone who didn’t pay for them either. I got them for free for work — and then peddled them as organic purchases as part of my job.There’s this ubiquitous sense of everyone having the same stuff — the same shoes, the same bags — because we’re watching content from people who didn’t even buy those things. But we experience it as a lifestyle we’re supposed to be mirroring. That disconnect — the illusion of ownership and ease — chips away at our sense of what’s real or possible. It’s one big content mirage.” - Viv, 28, New York

I Spent A Lot Of Time In 2023 Trying To Keep Up With The Joneses…

… of social media spending. That, combined with drug addictions and high-limit credit cards, led to a credit card balance of over $20K in under a year. Now I kind of feel like I have a leg up — I hit financial rock bottom before public fears of overspending, undersaving, and a looming recession really took hold. My focus has stayed the same: paying off debts and bills, and padding my savings. Now, I feel more freedom to buy an occasional treat or fun item because I know I’m taking care of the important stuff first.”- Casey, 27, Chicago

💸 Money Trauma Runs Deep

Money habits don’t come from nowhere; behind every money decision is a backstory. I wanted to hear what my friends grew up learning (or not learning) about money, and how it’s stayed with them.

I Think 2008 Has Stuck With Me A Lot…

…My parents are fine now, but there was so much turmoil in my family back then. My sisters and I still joke about how much it probably shaped our relationship with money. I remember crying at age 8, offering my mom my piggy bank. I’ve been working since high school and have always prioritized saving. Now that I’m on my own with real expenses, it’s harder to save, and I feel a constant, low-level anxiety around anything I spend that isn’t a necessity.” - Sarah, 24, Washington D.C.

I Will Never Use BNPL Regularly — It’s A Scam

“I come from a financially responsible but privileged background. I learned to invest early, have financially literate parents I talk to about money, and they gave me the tools for financial security (not the money). I’ve never been at a loss for anything I needed, so I feel very lucky. I realized how much we take for granted. Even knowing to keep your credit utilization under 30% versus maxing out every month. I will never use BNPL regularly — it’s a scam. The financial system is super predatory. Having financial education at home is a huge advantage because it’s so hard to learn out here in the real world. I also have privileged friends who’ve never invested a dollar and are just now trying to learn.” - Astrid, 26, New York

No One I Know Isn’t Worried About Money

“I live with my mom right now, which I’m lucky to enjoy. It helps both of us — we share expenses and live frugally together. Even though my mom is super senior-level and incredibly talented, it took her three years post-COVID layoff to find a job again, and she had to take a huge pay cut. Her astrologer says freelance work is coming her way, so… yay? This isn’t just a Gen Z thing. All my friends — aged 60, 33, 38, 68, 42 — are burning through savings just to cover basic necessities. No one I know isn’t worried about money.” - Dale, 25, Seattle

I’ll Be Paying These Loans Off For The Rest Of My Life

“I’m in graduate school, so I’m living off student loans—$130K and counting. I’ve accepted it as a necessary evil to get the medical training I need to pursue what I see as my calling. I’m acutely aware I’ll be paying these loans off for the rest of my life, but (perhaps naïvely) I believe it’s worth it to do something values-aligned and meaningful.” - Perry, 27, Seattle

Growing Up Without Money Shaped Me

“I’ve racked up a lot of credit card debt, and it happened fast. It’s hard to say whether it’s from my background, social media, stress, depression—or all of the above—but I’m in deep.I make $60K a year working in politics as a strategist, and I just picked up a second contractor job doing comms for an abortion fund. Even with both incomes, I regularly end up in the negatives. Growing up without money shaped me. You develop habits rooted in scarcity and a desire to finally have nice things.” - Arianne, 26, Washington D.C.

💸 Spending Less, Still Stressed

I asked how their spending habits had shifted — what they’ve cut back on, what still feels worth it, and how they’re thinking about money day-to-day. Everyone’s doing the math a little differently, but the vibe is the same: cautious.

I’ve Been Cutting Back…

…swapping luxury beauty products for drugstore ones, eating out less, shopping at wholesale grocers, skipping new clothes, and leaning into no/low-cost friend hangouts and dates.” - Daria, 27, Portland OR

Nobody’s Making Crazy Purchases Right Now

“I had a friend visit last weekend and felt a slight panic at every bar and restaurant — my eyes scan the price list before looking at the items…. Most of my friends are on the same page with their spending habits and concerns. Nobody’s making crazy purchases right now. Especially in DC, I have friends whose jobs have been affected by the new administration, so it’s normal for someone to make plans by saying, ‘I’m trying to save this week — can we just go on a walk or hang at my place?” - Sarah, 24, Washington D.C.

I Curbed The Shopping Addiction But I Still Have A Nice Life

“I’m the frugal friend. I don’t overbuy. I’m mindful about what activities I do with friends — I prioritize walks and coffee over drinks and dinners. I curbed the shopping addiction but I still have a nice life, I’m going to start putting more money away, probably into HYSAs instead of just stocks since the market’s so volatile. I don’t know if my answer is cutting costs, but girls just gotta make more money!” - Astrid, 26, New York

I Felt A Big Shift In My Money Mindset…

…probably triggered by doing my taxes as a freelancer — and decided to rein things in. I had been living a bit… extravagantly: unnecessary Ubers, too much takeout. Now I’m feeling genuinely anxious about it, especially because it’s way harder than I expected to go back to spending a regular, modest amount.”- Rachel, 26, New York

I Rely On My Boyfriend To Send Me Hundreds A Month

“I used to be financially independent. Now, I rely on my boyfriend to send me hundreds a month just to cover the basics. It feels humiliating. I’ve chosen designer bags and takeout over stability—instant gratification wins too often. I don’t plan to change my living situation, but I’ve started thinking more seriously about cutting back. I need to.” - Arianne, 26, Washington D.C.

I Sold Off Some Small Stock Positions

“I’ve definitely become more cautious on the back end of my finances. In late January, I sold off some small stock positions and moved more of my brokerage account into mutual funds. ETrade still hurts to look at, with all the tariff noise, but I’m treating it more like a retirement account now. I’ve also started putting $20 a week into a Wealthfront high-yield savings account. (This is not financial advice—though if any experts want to give me some that’s not ‘buy bitcoin,’ my ears are wide open.)” - Mickey, 26, New York

I’m Not Necessarily Cutting Back Intentionally…

… but there have been natural cuts: lower rent, paused therapy, cheaper groceries. And I know if I start to feel stressed about money, I’ll scale back — pause my Nuuly subscription, shop less, eat out less frequently.” - Chloe, 26, San Francisco

💸 The Market’s Down and So Am I

Finally, I wanted to know what everyone’s future financial outlook was…

I Still Feel Stuck In A Loop Of Financial Anxiety And Shame

“The job market right now is brutal. I’m working more, making less, and every new opportunity feels like a long shot. I’ve got a patchwork of income: my main job, some restaurant shifts, occasional tax refund wins. But I still feel stuck in a loop of financial anxiety and shame.” - Dale, 25, Seattle

Ignorance Is Bliss?

“The economy is trash, so I haven’t checked my investment accounts recently. I’m not sure if that’s the healthiest approach, but… ignorance is bliss? I just try to remind myself that the market ebbs and flows — it’s happened before and it’ll happen again.” - Chloe, 26, San Francisco

I’m Grateful To Have A Safety Net From My Family

“I work in entry-level PR making $50K in NYC. It’s not sustainable. I’m grateful to have a safety net from my family, but I don’t want to rely on them forever. Sometimes I use my dad’s credit card for groceries if I’ve already covered my own bills but I don’t want to keep doing that––I don’t want to be in my 30s still depending on someone else to bail me out. Managing my finances has never come easy to me and numbers have always been intimidating, but now, I want to learn. I want to understand money, investing, and how to build security — because being uneducated isn’t cool, and being dependent long-term isn’t an option for me.” - Simi, 23, New York

Everything Feels Precarious

“I’m looking to the near future—becoming a small business owner in the medical space—but that vision makes it even harder to weigh present-day tradeoffs. Everything feels precarious, even when you have a long-term plan.” - Perry, 27, Seattle

I Feel Nihilistic—Like The Country Could Collapse Any Minute

“I’m intent on resisting the allure of lifestyle inflation so I can actually save under my new salary and weather whatever comes next. I feel nihilistic—like the country could collapse any minute—but I also remember how panicked I felt in high school when I banked on a snow day instead of studying for a test. We’re a nihilistic generation, but I don’t think that means we’re YOLOing harder. Aside from the ultra rich, everyone I know is either hurting financially or afraid they’re about to. (I don’t count billionaires’ stock losses as ‘hurt.’)” - Mickey, 26, New York

Thanks for reading, now drop you thoughts/advice in the comment :)