Millennials Share How Finances Have Changed Under Trump
We kicked things off by asking millennials (aged 29—44) in the BuzzFeed Community how their money situation has changed since Donald Trump took office. Here's what they had to say:
"I was laid off in February. Still job searching, but it's tough competing with all of the laid-off federal employees. I had to move back in with my parents, which was the right move because I'd have to be making a mint as a single person to afford rent here. My finances have been completely destroyed, and it's hard to imagine them improving any time soon. I've decided not even to worry about retirement savings yet (I have none to speak of)."
—R.D., 30, USA
"My husband and I both work in healthcare. Since the pandemic, I've worked part-time to be home more for the kids, and we were financially OK. But now, all of our costs have increased significantly: groceries, clothes, youth sports, school supplies, all of it! I just got a second part-time job to help cover the increase in costs."
—39, Hawai'i
"Job opportunities were postponed or vanished under DOGE. I'm seeing my already high grocery prices creeping up on the same items I buy, and I'm considering putting off major life events because I don't see this situation improving in the near future. I may put off having kids or getting married until after the economy stabilizes, but honestly, it hasn't felt really stable or steady since the pre-'08 recession."
"The middle class and young people in this country have largely been falling behind economically, and we were already struggling. The mental toll of the years this will take to rebalance is almost more overwhelming than the financial aspect some days. I know I can make do with less, but knowing that I only have to because of policy choices and helping the rich get richer is hard to stomach, and it's hard to even be as grateful as I am for what I do have. Most people just want to be able to have the standard of living our parents did, and these policies are destroying our lives with ripples that will last decades."—S.W., 29, Washington, DC
"My company has a lot of ultra-wealthy clients, who are all very happy at the moment (most of them voted for Trump). And the more money they spend, the more money I make. I feel bad profiting off of the shitshow that Trump brings, but I guess somebody has to."
—N., late 30s, East Coast
"I work in mental health for an agency that serves people with Medicaid coverage. We're still waiting for more information about whether the cuts passed in the 'Big Beautiful Bill' will require any layoffs or wage decreases. My spouse gets insurance through the state healthcare exchange, and rate increases have already been announced."
"We have three cars, but they're all 12–22 years old, and at least one will need to be replaced soon. I really don't know how we'll manage paying increased insurance rates, let alone a car problem or decreased income on top of that. I pray it's not all three."—H.M., 42, Spokane, WA
"I don't have kids, I don't have credit card debt, and I don't live paycheck to paycheck, so I can deal with the inflation and higher prices thanks to these tariffs. I'm doing OK right now. However, I am worried I'll start living paycheck to paycheck again, like I did in my twenties, if my student loan payments skyrocket thanks to Trump. He can file bankruptcy multiple times, but the average American has to drown in predatory debt to get an education?!?! Make it make sense."
—Anonymous
"I was DOGEd in May. I was at NIH [the National Institute of Health] through a contracting agency, and my contract was cut. They'd been trying to bring me over as a fed. The job market is ROUGH for biomed research. I would normally have academic research institutions as my backup, but they're all struggling, too. Financially, it is a hit as I was planning a wedding. The bigger hit is seeing all I've worked for over the years go up in smoke due to politics when it has had bipartisan support for a decade!"
—S.H., 40ish, Chicago
"We are in the red every month. We have to pull from a savings account that is depleting. We have two kids; luckily, the eldest is in kindergarten now, but the little one is in daycare for almost $300 a week (another issue that needs fixing). We can't seem to get our heads above water, and we make over $100K a year. I have no idea how those making less do it. We can't do this much longer."
—34, Arizona
"Because of the federal budget cuts due to the 'Big Beautiful Bill,' I am no longer going to receive the promotion and pay raise my supervisor and I have been fighting very hard for over the past year. My husband and I have just bought our first house, and now I have to work a second job cleaning houses because my full-time job doesn't cover the basics anymore."
"Our governor announced that the state government (which I am an employee of) is now on a hiring and spending freeze due to the results of this bill. Not only does it essentially freeze me in place where I'm at (though I'm expected to take on an extra workload because of staffing shortages), but it is also gutting funding to SNAP and Medicare in our state. I'm grateful that I'm at least employed during this period, but my heart breaks for all of the people who are going to go hungry and without the medical care they desperately need because of the Orange Buffoon's ego and all the spineless sycophants in DC who worship him blindly."—Anonymous
"Not much — so far, anyway. Food and gas expenses have risen a little for me, but I was doing well before that POS took over again. I make good money and am happily single and childfree, so I don't have to worry about financially supporting anyone but myself."
—Anonymous
"Everything costs more. My grocery bill is at least 50% higher than last year, and I simply can't afford to live. Two kids and a two-income household, and we're still struggling. Medication costs have gone up. I'm worried if I'll have enough to make it. It's a sad state to be in, but I guess those who voted for Trump are reaping what they sow. Too bad the rest of us have to suffer, too."
—Mike, 40, Upstate New York
"I went from paying zero dollars in loans to now having to pay $500 a month, with no warning and no time to prepare. The turnaround from forbearance to now paying DOUBLE what I was paying prior to the freeze is insane."
—Mary, New York
"I work in the advertising sector. After four years of running a department, I was laid off in May. Revenue grew tight as advertisers cut back to recession-proof and tariff-proof their bottom line, and a big chunk of the company got laid off over several rounds. Thankfully, that was short-lived, and I was able to find a new, higher-paying job a month and a half later. It all worked out in my favor, but it was a very stressful time that I would have rather avoided."
—A.F., 34, Seattle
"Weirdly, it has been going really well outside of some initial fears. We were definitely worried at first, but my stocks and crypto are both up, and I was able to buy my first used car from a dealership outright. I don't know what the next three and a half years will bring, but we are doing great."
—D.M., 42, California
"Because of the tariffs on China, my small business is suffering as I struggle to find new suppliers. Fuck this pumpkin-headed sack of vomit."
—Luxacious
"I'm living paycheck to paycheck in my forties. It feels like my twenties — the only difference is I'm now tired on top of being broke. Student loans are killing me. Rent is killing me. Groceries are killing me. Medical debt scares me. Racism and fascism scare me. I'm tired of living through intense, once-in-a-lifetime events. I'm freaking exhausted. But like the nightmares seem to persist, so do I."
—D.S., 43, Des Moines, IA
And finally, "I work as a freelance contractor and project manager in global health and work for several different NGOs. Literally half of my clients and projects have just disappeared overnight due to the Trump administration's funding cuts. I went from doing pretty well for myself to just barely scraping by — basically overnight. It's not like I lost a job at a specific place and can just go out and find a new one. It's the entire field that's been affected and decimated. I've never seen anything like this."
"I work mostly in HIV research and sexual violence response. Even projects that aren't directly tied to USAID funding have been hurt. It's created a devastating ripple effect. We're talking about projects and initiatives to get HIV prevention and drugs to infants and children, or to help survivors of conflict-related sexual violence — literally the most vulnerable of the vulnerable. It feels like the cruelty IS the point. I'm having to rethink my entire career because there is just no more funding for anything.The worst part? My parents are MAGA and support all of this, even though it means my career is essentially over."—Jake, 36
Now that we've heard from millennials, I'm curious about Gen Xers. If you're between 45 and 60 years old, how have your finances changed under the Trump administration? Share your experience in the comments or in the anonymous Google form below.
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