Inflation Hits Gen Z Hard: Young Adults Cut Spending, Take on Debt, and Lack Emergency Savings

Nearly 75% of Gen Zers have cut back spending due to high inflation. They are dining out less, buying fewer clothes, and limiting grocery purchases.

Gen Z came of age when inflation was low, so current high inflation rates are new to them.

Gen Z's spending declined 2% between May 2022 and May 2023, while older generations spent more.

40% of Gen Z suffered financial setbacks recently through less savings or more debt. 25% borrowed from family/friends.

Over 50% of Gen Z lacks a 3-month emergency fund. A third took on side hustles for financial stability.