According to data obtained exclusively by The Post, many canceled travel plans and looked for other jobs at prices not seen before the birth of Generation Z and Millennials.
High gas prices and four decades of high inflation are by far the biggest concerns for people between 18 and 40, the survey – by Mark Cuban-backed banking app Dave – found.
Of the 1,038 interviewed, 67% said fuel cost was their biggest concern and 52% said it was inflation – concerns over COVID (24%) and career advancement (11%). About 18% expressed concern about violence/terrorism/war.
Henry, 25, a Manhattan resident who didn’t want to use his surname, said, “I was already spending every dollar before inflation, so now I have to cut back on big costs like travel because it’s too much.” is costly.” Post.
“I had to cancel trips this year because of flight prices – and with gas I can’t go on road trips,” he said.
The data paints a grim financial picture for the younger generation as there are concerns about a possible slowdown amid cuts in consumer spending and shrinking GDP. According to recent reports, at least half of Gen Xers and Millennials say they live paycheck to paycheck.
According to the survey, more than 50% of people under the age of 40 said that they are canceling travel plans because they cannot afford the trips they had earlier planned.
More than a third of Generation Z – 42% – say they are going so far as to apply for other jobs to defray the cost of their summer plans.
Still, about 60% believe they can’t work the number out—and won’t be able to take a vacation as a result.
It’s not just summer vacation plans, with three-quarters of Gen Zs and Millennials saying they’re worried they don’t have enough money to pay for rent and other necessities.
NYC resident Isabel, also 25, told The Post that she wants to save money, but isn’t in the financial position to pad her bank account.
“My spending has gone up along with inflation,” she said.