Inflation Forcing Many Young People to Live with Parents

More than half of young adults ranging from 18 to 25 say they are struggling to pay their bills and still live at home due to inflation.

QUICK FACTS:
  • According to a new study, high inflation and uncertainty in the economy are forcing many young people to live with their parents to help with rising costs.
  • Conducted by The Harris Poll and commissioned by DailyPay, the findings revealed 54% of Gen Zers aged 18-25 are still living at home and 80% said they believe the economy will get worse over the next year.
  • “Between COVID, inflation and a looming recession, Gen Z has kicked off adulthood in the most uncertain times,” Jeanniey Walden, chief innovation and marketing officer at DailyPay said. “So it’s no surprise that many say current economic conditions are keeping them living at home and/or worrying about paying bills on time.”
  • 78% of those surveyed said they have not many able to put as much into savings as in 2021, and 38% said they expect it to become more challenging to pay for necessities such as food and gas.
CHIEF INNOVATION AND MARKETING OFFICER JEANNIEY WALDEN ON GEN ZERS AND THE FUTURE:

“Potentially most concerning is that Gen Z does not feel they are able to save for the future,” walden said.

BACKGROUND:
  • Exit polls from the midterm elections found that one in eight voters were under 30, and 61% of those between the ages of 18 and 34 voted for Democrats.
  • “Gen Z is aging into the electorate every single day. It can be a daunting new audience for traditional candidates to face and figure out,” research manager Ashley Aylward said. “One thing that really helped [Democratic candidates] was having abortion on the ballot, even if those measures were in other states.”
  • Antonio Arellano, vice-president of communications for Next Gen America, said his group paid social media influencers to talk to their followers about issues such as climate, gun control, and reproductive rights. “We gave the influencers high-level talking points about issues and why they’re important, and then said, ‘Incorporate this into your content in whatever way you want,'” said Arellano.
  • Last month, a Heritage Foundation study revealed American families have lost $6,000 in annual wages thanks to President Biden’s soaring inflation. “People are just absolutely being crushed,” Heritage fellow E.J. Antoni told Fox Business. “It’s not the price of caviar and yachts that are driving these numbers. It’s necessities, it’s staples. It’s things like eggs, milk, flour, soup. These are things that are up 20 or 30 percent year-over-year.”