The cost of living crisis is becoming desperate for some people. Many are choosing to forego healthcare and basic necessities, as affordability in the United States continues to plummet.

Wages are stagnant, and prices are rising everywhere, making it difficult to afford even the most basic needs to get covered. This isn’t just happening in the U.S. Australia is reporting that many young women are having to skip healthcare in order to pay for things like food or rent, accoridng to a report by  ABC Net. 

A nationwide survey of 5,000 Americans from Talker Research reports 52% now struggle to pay their bills, like rent, on time each month. An equal number are struggling to afford necessities like groceries. In fact, nine in 10 people believe the U.S. is experiencing a full-blown cost-of-living crisis, and nearly eight in 10 said everything became more expensive in 2025.

The desperation shows up most clearly among younger Americans, where 74% of Gen Z expecting refunds said they need the money earlier than ever, compared to just 34% of baby boomers. That gap tells a story about which generation has any financial cushion left, according to information provided on the survey by Study Finds. 

Nearly three in 10 people plan to use their tax refund money on necessities like groceries and gas. Another quarter will put it toward savings or paying down debt. Only 14% said they’d spend the refund money on anything fun.

“Tax refunds are often the biggest checks many Americans receive each year, and now more than ever, they are a critical source of liquidity that people are not only counting on, but are in need of earlier than ever,” said Erin Bruehl, VP of Communications at Current.com, which commissioned the study. “They’ve become lifelines to pay down debt and avoid missed payments and late fees.”

The financial crisis is a train wreck. It looks like an unavoidable meltdown is coming. When half the country can’t reliably pay monthly bills without skipping other necessities, and nine out of 10 people agree there’s a crisis, the country will have to reshape what’s “normal” as far as costs go.

An entire generation has given up on living where they want to live because they know they can’t afford it, which means that this is not a temporary rough patch. That’s a recalibration of what counts as normal and the effective end of the American dream.