Soaring prices not seen since before Generation Z and millennials were born has many of them canceling travel plans and seeking second jobs, according to data exclusively obtained by The Post.
The high gas prices and four-decade-high inflation are by far the biggest concerns for those between 18 and 40, the survey — by Mark Cuban-backed banking app Dave — found.
Of the 1,038 interviewed, 67% said the cost of fuel was their top worry and 52% said it was inflation — dwarfing concerns over COVID (24%) and career advancement (11%). About 18% registered concern about violence/terrorism/war.
“I was already spending every dollar I made before inflation so now I’m having to cut bigger costs like travel because it’s too expensive,” Henry, a 25-year-old Manhattan resident who did not want his last name use, told The Post.
“I’ve had to cancel trips this year because of flight prices — and with gas I can’t go on road trips,” he added.
The data paints a grim financial picture for the younger generation as worries over a possible recession loom amid cuts in consumer spending and the GDP shrinking. According to recent reports, at least half of Gen Zers and millennials say they live paycheck to paycheck.
More than 50% of those under 40 said they are canceling travel plans because they can’t afford trips they previously planned, according to the survey.
More than a third — 42% — of those in Generation Z say they are going so far as to apply for second jobs to defray the cost of their summer plans.
Still, almost 60% concede they just can’t make the number work — and won’t be able to take a vacation as a result.
It’s not just summer vacation plans taking a hit, three-quarters of Gen Z and Millennials say they are concerned they don’t have enough money to keep getting by — paying for rent and other necessities.
NYC resident Isabelle, also 25, told The Post she wants to save money but isn’t in a financial position to pad her bank account.
“My spending has gone up right alongside inflation,” she said.
[Written in collaboration with other media outlets with information from the following sources]
