Gen Z is getting a dose of financial reality.
Inflation has become a hot topic issue over the past year, as prices of everything from gas, groceries and other essential goods rose and impacted their wallets of everyday Americans. However, a demographic that seemed to flaunt their spending is getting the brunt of it.
As per their data, 73% of consumers between the ages of 18-26 have changed their lifestyles due to increased costs caused by inflation. SHANGHAI, CHINA - OCTOBER 10, 2023 - Young customers buy second-hand luxury goods at a shopping mall in Shanghai, China, October 10, 2023. Public data show that in the past decade, China’s second-hand luxury goods stock is large, the future of China’s second-hand luxury goods market can reach trillions of scale, is expected to peak in the next 3-5 years or.
Despite this, Gen Z feel that they can manage their financial health. About 70% of them feel confident in managing their day-to-day expenses, manage their budget or their credit, but they lack confidence in dealing with the larger picture. Only 45% feel equipped to save for retirement and only 29% feel equipped to invest in the stock market.
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