The adults of generation Z in the United States, who are currently teenagers and twenty -year -olds, are becoming more frugal about what they spend on appointments as they deal with higher life costs, showed a Bank of America survey on Wednesday.
More than 50% of respondents did not spend money on appointments, according to a survey of more than 900 people among the ages of 18 to 28 years. Among those who spent money on appointments, 25 percent of men and 30 percent of women spent less than $ 100 per month, the survey showed.
Respondents also said it was important that romantic couples were financially responsible.
“The Z generation is discovering that adulthood has a higher price, and they are feeling the cost of living in general,” said Holly O’Neill, president of consumer banking, retail and preferred of Bofa.
“They are having less outside, they are buying in more affordable groceries and are using and establishing budgets.”
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Some adults from gene generation do not spend money on appointments as costs increase
More than half of the respondents said they were saving more money, while 24% were paying debts as a way to improve their finances.
The increase in prices in a variety of goods, from coffee to audio equipment and home furniture, promoted upward inflation in June, in what economists see as evidence that the increase in import tariffs from the Trump administration is moving to consumers.
More than half of the respondents said they did not feel that they earned enough money to live the life they want, and 55% did not have enough emergency savings to cover three months of expenses.
However, the percentage of survey of the Z generation who receive financial support from the parents and the family fell to 39% from 46% of a year ago, the Bofa report showed. They are also receiving smaller amounts, with 22% that receives $ 1,000 or more per month, compared to 32% of a year ago. More than half of respondents receive less than $ 500 per month, compared to 44% of a year ago.
“They are challenging some of the stereotypes of young people and money,” O’Neill said. “Although they face economic barriers and high daily costs, they are working hard to be financially independent.”
With Reuters information.
