Gen Z and Millennials named inflation the biggest problem their generations were facing in 2022. Now, in 2023, inflation has only continued to rage on, disrupting their finances and forcing them to budget differently in order to get by. When we first began asking young people their thoughts on a potential recession, which 45% of young people now say is currently happening, we also asked what about their spending would change if one did start. Now, we’ve asked what parts of their spending have changed in the last year because of inflation, as an open-end, and their top ten answers closely reflect their predicted changes: The top thing they have changed about their spending because of inflation in the last year 13-39-year-olds Spend less overall Reduce food consumption / spending Reduce eating out Reduce spending on non-essentials Reduce spending on entertainment / leisure activities Finding and/or spending money on cheaper / lower-quality / generic options Buy less clothes / make-up / other personal items Save more It has...
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