There’s being cautious, and then there’s being terrified. When it comes to their financial outlook, many young adults have slipped into the second category.

That’s according to the Money Matters Report, a dense examination into American financial concerns published on May 9 by saving and investing app Acorns. For the report, Acorns surveyed over 5,000 U.S. consumers about their attitudes and their concerns—and the results were dire.

Nearly a quarter of respondents said they’re actively concerned that the state of their finances could lead to homelessness. Broken down by generation, about a third of Gen Z and millennials said so, compared to just 11% of boomers.

Homelessness is an extreme outcome, but it’s not entirely beyond the scope of possibility. In December 2023, federal officials announced the U.S. experienced a 12% year-over-year increase in homelessness, bringing the nation to its highest reported level. The causes varied from impossibly steep rents, stagnant wages, and pandemic assistance payments sputtering to a stop.

As of six months ago, 653,000 people in the U.S. are homeless, which is the most ever tabulated since the country began conducting yearly data in 2007.

The main culprits behind the explosion in homelessness are “the shortage of affordable homes and the high cost of housing that have left many Americans living paycheck to paycheck and one crisis away from homelessness,” Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, said at the time.

That aligns with the findings in Acorns’ report; for workers across income brackets, the three biggest financial concerns are cost of living, inflation, and debt.

Long before the pandemic, America was gripped with shortages of affordable housing, everywhere from small rural towns to the economic city centers where most high-paying jobs can be found. Things have hardly improved since we took off our surgical masks.

As Fortune’s Alena Botros wrote, “since the pandemic-fueled housing boom, with both home prices and rents up substantially and mortgage rates at the highest level in decades, the single-family home has become much less accessible.” Indeed, rents still outpace salaries in 44 of the top 50 U.S. metropolitan areas.

Even for those who are gainfully employed, concerns overseas are becoming more difficult to ignore. Over half of respondents said macroeconomic events—like war and conflict—could further imperil their finances.

That’s to say nothing of the problems at home: a skyrocketing cost of living amid enduringly high inflation and debt. Many respondents, particularly younger ones, say they lack emergency funds, but fears over losing stability have nonetheless galvanized workers at all income levels to prioritize saving. Nearly 30% of respondents told Acorns they’ve never had an emergency fund to begin with, but among those who do have one, most say they’re upping their contributions, scared straight by the events unfolding around them.

Only around one-third of respondents said they expect to be more financially secure next year than they are now. Things generally skew more optimistic for the older crowd. The silent generation (which Acorns defines as those over 78 years old) were over twice as likely as the rest of the general population to claim they have no financial concerns at all.

“The everyday American is facing a deluge of bad financial news, from persistent increases in inflation to cost of living, all against a backdrop of global war and turmoil,” Noah Kerner, CEO of Acorns, wrote in the report. “What I’m encouraged by is that we can empirically confront the problem with a mix of education, tools, hope, and confidence.”