Gen Z Insights: How the Cost of Living Crisis Affects Gen Z Spending

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Gen Z Insights: How the Cost of Living Crisis Affects Gen Z Spending

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The steep rise in inflation is felt all over the country. In April 2022, the Consumer Price index increased by 9% in one year and 2% since March. At the same time, rising gas and energy prices are raising concerns about how many families in the UK will pay their bills when winter comes.

Almost all types of goods have experienced a price hike in recent years. As a Gen Z insight platform, we pay close attention to how these daunting changes affect the youngest spending generation today. In this article, we’ll share some Gen Z research on how the cost of living crisis will likely impact Gen Z’s consumer habits and mindset.

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A Generation Precariat The Royal Society of Arts, manufacturers and Commerce (RSA) has recently researched the financial situation of Gen Z and how it affects their health and view of the future. The study found that 47% of young people are only just about managing to make ends meet each month. Others have income that varies from paycheck to paycheck.

Young people are likely to take hits to their savings and are more likely to take on debts. Only 25% of those aged 22 to 24 right now have access to savings. 75% of young people will have some sort of debt by the time they turn 22.

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Gen Z’s Changing Mindset With the stats above in mind, it is no surprise that most young people in this precarious situation have significant concerns regarding their financial futures. For example, 41% believe they will never buy their own home, and 51% think they will never be able to support a family.

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