New survey reveals nearly half of Minnesotans ages 18-24 struggle to cover essentials, with many saying money worries are affecting their schooling.

As Minnesota students head back to school, a new survey from Affinity Plus Federal Credit Union reveals a stark reality: over 40% of Minnesotans ages 18 to 24 struggle to cover essentials like tuition, rent or groceries — and nearly one in three say this pressure has disrupted their education plans or hurt their academic performance.

Despite these challenges, young adults show resilience, turning to family members for trusted financial advice more than digital sources like social media. Nearly 70% say family is their primary resource, underscoring the vital role loved ones play in navigating financial uncertainty.

Yet, while three-quarters of respondents say financial literacy is important, fewer than half use formal budgeting tools, stressing a need for practical, accessible resources that fit their real habits and lifestyles.

"I was worried that I was failing at budgeting because I struggled to find the one that works for me," said El, Affinity Plus Member and Student at Duluth Lake Superior College. "I was unsure of CDs and money markets and was scared to put my money into them. Affinity Plus helped me unlearn that."

These financial struggles reflect a broader national trend in living paycheck to paycheck. According to a recent financial wellness survey by Trellis Strategies, 56% of college students across the U.S. say they would struggle to come up with $500 for an unexpected expense in the next month, and 68% have run out of money at least once during the school year.

Here are three practical steps from Affinity Plus to build financial confidence this school year:

1. Get Clear on Your Finances

Track your income and monthly expenses, from tuition and rent to groceries and transportation. Write these expenses down to give yourself a clear picture of where your money goes and where you can adjust.

2. Build a Flexible Budget

Your budget should be realistic and adaptable. Include fixed costs, savings goals and room for unexpected expenses. Whether you use a budgeting app or a simple spreadsheet, revisit your plan regularly to stay on track.

3. Use the Support Around You

While family provides essential advice, campus and community resources can also help. From food pantries and emergency aid to financial coaching, support is available to you. Affinity Plus offers free personalized coaching to help young adults budget, build credit and prepare for emergencies.

Affinity Plus recognizes these realities and meets young Minnesotans where they are. The credit union operates campus branches across the state at the University of Minnesota-Twin Cities, Duluth Lake Superior College, Moorhead State University, Mankato State University, Bemidji State University, Winona State University and St. Cloud State University. These branches offer tailored financial products and personalized financial coaching to help students with budgeting, credit building and emergency planning.

"The employees at Affinity Plus have helped me out so much with budgeting," said El. "They showed the envelope method, paper versus online budget tracking, apps and cash versus multiple credit cards for specific purposes. That paired with the financial life simulator at Lake Superior College was huge with showcasing life expenses and how it all adds up. Plus, the knowledge is geared more for people my age and the employees do a great job at reaching us with tips, tricks and jokes. I like to think that I have become friends with the workers at the Duluth branch."

"Our campus teams work closely with students every day to understand their unique financial realities and offer support that goes beyond traditional banking," said Amanda Bruggman, Duluth Branch Leader at Affinity Plus. "Managing tuition, rent and everyday expenses isn't easy, and we're here to help students with real-world tools and guidance to gain confidence and control over their finances."

As a member-owned cooperative, Affinity Plus is committed to making banking accessible, relevant and supportive for young adults across Minnesota. Whether online or in-person, Affinity Plus connects members with trusted experts who help turn financial challenges into opportunities for long-term success.

For more information about Affinity Plus's student-focused services, visit www.affinityplus.org.