Almost two thirds of young adults are most concerned about not being able to pay their rent or mortgage, according to a new survey.
64% of 25 to 34 year olds cited it as their main worry in research conducted by iReach on behalf of life insurance and pensions firm Royal London Ireland.
Overall, missing rent or mortgage payments is a primary concern for one third of people.
In fact the survey finds that younger adults have the highest proportion of people who are financially concerned.
Only 11% of those aged over 55 cite rent or mortgage payments as a top concern, but three quarters of them are most worried about the rising cost of living.
"The data shows that housing affordability is a major concern for younger adults, with 48% of those aged under 35 citing it as a top concern," said Barry McCutcheon, protection proposition lead, Royal London Ireland. "For many, rent or mortgage payments shape decisions about daily spending, career choices and long-term financial planning.
"This can mean difficult trade-offs each month between covering essentials and saving for the future."
The rising cost of living is the most significant financial worry for nearly three quarters of people, with seven in ten adults citing it as their biggest financial worry.
According to the survey, three in ten people are worried about their retirement fund, with a similar proportion worried about not being able to work due to illness or injury.
More than 40% are worried about their job security.
"The cost-of-living crisis is still weighing heavily on households across the country," said Mr McCutcheon. "While many people are focused on meeting immediate expenses like rent or mortgage payments, longer-term concerns such as retirement savings and income protection also cause financial stress."
