Nearly a third of Gen Z and millennials worry that their finances could lead them to experience homelessness, according to a survey conducted by Acorns and Opinium Research.

Between Feb. 14 and Feb. 23, 5,000 U.S. consumers aged 18 and up completed the survey, called the Acorns Money Matters Report. Respondents included Gen Z, millennials, Gen X, boomers and the Silent Generation or people 78 and up.

Acorns has been conducting the survey since 2017. This year’s questionnaire found that 29% of Gen Z and 32% of millennials fear their financial situation could lead to experiencing homelessness. Gen Z and millennials were nearly three times more likely than boomers and older respondents to worry about this outcome, results of the survey showed.

“When you think about money holistically and the emotional side of money … that’s what ultimately feels like the lack of hope and confidence,” Noah Kerner, CEO of Acorns, told USA TODAY.

The company also found that 33% of millennials and 28% of Gen Z are unable to enjoy their lives because they obsess over money.

Acorns, the financial services company Kerner leads, tries to confront problems financially, educationally, and emotionally, he said. The brand, he said, is based on the idea of tiny acorns “growing into mighty oaks.”

“Giving people a sense that if you make these small changes in your life and if you stay committed in these small ways, you can change your life,” he said.

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Finances are stressing people out. What specifically worries them so much?

While conducting their survey, Acorns found that less than 10% of respondents don’t have any financial concerns. Of those who do, the cost of living and inflation stress them out more than debt, retirement, interest, mortgages and a lack of savings. 

Americans from all incomes said after the cost of living, the financial stressors that impact them most are inflation and debt.

Of those surveyed, only 35% think they will be more financially secure next year than they are currently. Most people, or 44%, think their financial security will be the same next year.

Acorns also conducted a comparative survey among 1,965 Acorns customers surveyed from March 20 through March 26. According to the company, Acorns customers feel more financially secure compared to the larger group of respondents. Acorns reported that 34% of its customers feel more financially secure while 25% of the larger survey pool feel financially secure.

How does war impact financial security?

While surveying consumers, Acorns found that more than half of respondents are concerned global war and conflict could impact their financial security. Of respondents, 25% said they are “extremely concerned” about global war and conflict impacting their financial security.

More respondents expressed concern about the rising popularity of artificial intelligence and climate change as well.

According to Acorns, respondents with more education and a higher household income worry more about how current events can impact financial security.

The report found that 47% of those with a high school degree are concerned that global war will impact their financial security, while 51% of those with some college experience or an associate’s degree worry about it and 57% for those with a bachelor’s degree or higher education worry global war will impact their financial security.

People wish they’d learned more about finances as children

Acorns reported that 27% of those surveyed have never had an emergency fund.

About 23% of American adults surveyed received no financial literacy education as children, while 66% of people who didn’t receive financial literacy education think their financial security would be better off today if they’d been taught more about finances.

Among those surveyed, Gen Z and millennials are more likely to wish they’d received more financial literacy education as kids. 

“This finding is especially interesting given that these younger generations also report higher rates of financial literacy education compared to the older generations polled,” Acorns said in a news release about the survey.

Just a quarter of people surveyed work with human financial advisors, while 7% use a Robo-advisor, Acorns reported.

The push to reduce financial anxiety

Kerner, CEO of Acorns, said anxiety is a huge part of financial stress, proven by studies outside of his own.

He referred to behavioral economist Shlomo Benartzi, who found that financial advice reduces anxiety by as much as an 82% pay raise.

“If I'm getting the things I need to make me feel more comfortable and confident, reducing anxiety, that can have the kind of impact that an 82% pay raise can have in terms of reducing anxiety,” he said. “This kind of statistic and information is what drives us to create Acorns in the way that Acorns exists.”

He said Acorns aims to confront the problem of financial stress and anxiety by relieving people of their burdens. He said Acorns has “set it and forget it” products that allow people to sign up, deposit money, set up their contributions, stress less and enjoy their lives more.

One of the company's products, the Mighty Oak Debit Card, allows customers to invest their spare change from purchases and save and invest part of each paycheck.

“One of the things we're really proud of with this product is that customers on average who are using it have saved $750 in emergency savings after a very short period, actually a few months,” he said.

Saleen Martin is a reporter on USA TODAY's NOW team. She is from Norfolk, Virginia – the 757. Follow her on Twitter at@SaleenMartin or email her at[email protected].