According to a recent survey by Bank of America, 73% of Generation Z young people are forced to change their consumption habits in the context of record high inflation, according to NBC Finance Channel on October 16th.
Survey data shows that due to the higher cost of living, 73% of Generation Z young people are experiencing changes in their consumption habits, 43% are cooking more frequently at home, 40% have reduced their spending on clothes, and 33% only purchase essential items. And a survey by Bank of America in August showed that most people plan to continue this consumption habit in 2024.
The report states that compared to the older generation, Generation Z faces separate financial challenges. A recent study by Bank of America found that college graduates earn 10% less than their parents. More than one-third of young 'Generation Z' have encountered setbacks in the past year, which may have led them to stop saving or take on more debt, and 56% of 'Generation Z' do not have enough emergency savings to cover three months of expenses.