Young people are struggling with rising costs.
In the face of rising inflation and soaring US gas prices, a quarter of young Americans can no longer afford to save money for the future, according to a recent survey by Student Beans.
The biggest strain on student’s wallets is driving, with the rising cost of gas prices affecting three quarters of young people, whilst the increasing costs of groceries, socializing, and traveling are also causing concern.
How young Americans have responded to the rising cost of living
Saving money as a college student can be tough. To beat the high cost of living, we found that three quarters of Gen Z are making changes to their daily habits to help get by financially.
Worryingly, a third have started skipping meals to save cash and a quarter have started using a credit card to supplement funds, as well as resorting to other measures like stopping hanging out with friends, eating out less often, and no longer being able to invest.
- A third have started skipping meals
- A quarter have stopped saving money for the future
- A quarter have stopped using their car
- A quarter have started using a credit card
- A fifth have started looking for somewhere cheaper to live
Student Beans surveyed 178 16-24 year-olds in June 2022.