38% of Gen Zers are concerned about purchasing food and staple items.
A new Harris Poll from DailyPay reveals that inflation and the economic downturn has taken a big toll on Gen Zers, so much so that 44% have decided to live with their parents—and 48% say they aren’t moving any time soon.
The study of more than 300 Gen Z adults aged between 18 and 25 found that the demographic is having a hard time staying financially stable and just 28% say they are able to pay all of their bills on time. This is compared to 56% of Americans who say they are able to do so.
Forty-one percent believe it will be tougher to pay bills like utilities, medical, credit cards, and insurance due to inflation and 80% think the economy won’t get any better and say it will stay the same or get worse within the next year. Another 38% are concerned that purchasing food and other staples will also become more challenging.
Financial difficulties have made saving for the future extremely difficult, too. Seventy-eight percent say they’ve either saved less money compared to last year, the same amount or haven’t been able to save at all.
But some see their current financial situation as only being temporary. Just one-third think current inflation will make it more challenging for them to purchase a home and only 20% are worried that paying for healthcare for parents/family members will be more difficult. Another 21% think that the economy will begin improving over the next year.
One solution that the poll found was altering the timing in which the group is compensated. Seventy-two percent of respondents said that having access to their pay every day and not having to wait until a scheduled payday would help with monthly expenses and paying their bills on time.
By Zee Johnson