The Economy Is Taking Its Toll On Gen Z — 73% Have Changed Their Spending Habits Because of Increased Prices
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The current inflation rate is 3.2% for the 12 months leading up to February, with an increase of 0.4% in February over the previous month. Bank of America Corp.'s annual Better Money Habit survey reveals that 53% of Gen Z respondents said that the biggest barrier to achieving financial success is a higher cost of living. In the past year, 73% of Gen Zers have adjusted their spending habits in response to rising prices, leading to a greater preference for home-cooked meals over dining out (43%), reduced expenditure on clothing (40%), and a focus on essential grocery items (33%). The majority of those who have embraced these new spending habits intend to continue them in the coming year. The younger generation appears to be ready for the challenge and hopes that inflation continues to decline as 2024 wears on.
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