While one in three of all Americans habitually lives paycheck to paycheck, new research revealed women and Generation Z, or adults ages 18 to 28, currently experience the most financial stress.

Stagnant wages, increasing student loan debt, and the gender wage gap all contribute to financial generational divides, a Credit One Bank survey of 1,000 American adults released Tuesday found.

The new research also revealed that less than 10% of Americans learned about personal finance in school, but younger generations are more likely to discuss money with their parents than members of Generation X – people between 45 and 60 – and Baby Boomers aged 61 to 79. Still, Credit One Bank concluded that more than 50% of Generation Z enter adulthood without a formal education in financial literacy.

“This survey reveals a clear link between rising anxieties about personal finance and the lack of basic financial education across generations,” Credit One Bank’s Chief Credit Officer Steve Min said in a statement. “This data helps us better understand the general consumer audience and how we can better support the need for expanded financial education.”

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When did each generation become responsible for its personal finances?

The survey found the same amount of Baby Boomers and Generation Z – 89% – began managing their own bills before age 24. However, a stark difference exists between how the two groups learned about personal finance. Almost half of Baby Boomers reported that they taught themselves in comparison to only 11% of Generation Z, a majority of whom said their parents taught them.

Among Generation X, 87% started managing their finances before age 24. Millennials, or people between ages 29 and 44, took control of their finances slightly later, with 79% managing their bills before 24 and an additional 15% managing their bills before 30. The survey found about half of Generation X and Millennials said they learned about personal finance from their parents or family.

Generations disagree on whether debt is ‘normal’

About one in three Americans across generations reported they have a “significant” fear of debt, but half of Generation X participants said it was “a normal part of life.”

That’s a sizable increase over the 35% of Baby Boomers who said they viewed debt as normal based on family experiences growing up.

Following closely behind Generation X, 48% of Millennials reported they viewed debt as a normal part of life.

Generation Z respondents broke the trend, with more agreeing with Baby Boomers. Only 39% of the youngest generation surveyed said they considered debt a normal part of life.

How stressed is each generation about money?

Each generation agreed their top barrier to financial stability is the high cost of living in the United States, which can contribute to stress.

Across generations, 48% of women reported feeling stressed and anxious about their finances in comparison to 38% of men. The survey suggests this is likely because women earn less income than men, pointing out that “households with women as the primary earners had 55 cents of wealth for every dollar in homes with male earners.”

While 59% of Generation Z, the highest amount for any generation, reported feeling stressed and anxious, the survey revealed that Generation X feels the least confident about its finances. A little more than half of Millennials reported stress and anxiety regarding their finances in comparison to only 29% of Baby Boomers.

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