Life is really tough for lots of young people from the Gen Z generation (those born between 1997 and 2013). Some of them are struggling so much that they can’t even afford to buy food. According to a recent survey by Assurance IQ, 44% of Gen Z-ers said they’ve had to skip meals just to pay their bills each month. This number is much higher compared to other age groups.
Statistics from Each Generation
According to Assurance IQ, only 30 percent of millennials (born 1981-1996) have skipped meals to pay bills. 23% of Gen X (1965-1980) and 10% of Baby Boomers (1955-1964) reported doing the same thing.
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Kevin Thompson, a financial expert and the founder of 9i Capital Group, says that because Gen Z hasn’t had as much time to save money, they might have smaller budgets for groceries. This could affect their overall health the most.
Low Saving Opportunities
Many young people, particularly Gen Z-ers, often find themselves skipping meals because they don’t have much money saved up. This is partly because they have less time and opportunity to save compared to older generations,” Thompson explained.
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“Both Gen Z and millennials are burdened with high levels of debt from college, and they’re entering a job market that’s not very promising.”
Challenges of the Pandemic
“With the nationwide student debt reaching $1.77 trillion, Gen Z graduates are entering a job market that’s uncertain. This problem increases with the challenges of the coronavirus pandemic. Even when they do find jobs, they often face low salaries or risk getting laid off.”
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It’s tough when you realize you owe a lot of money, and your degree might not help pay it off, Thompson said.
Effects of the Economy
It is also challenging when the job you expected isn’t available because the job market keeps changing, Thompson further explained.
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Most people in America were feeling the effects of the economy in their wallets. About two-thirds of all Americans had to make tough choices to pay their bills each month. They use credit cards, sell stuff they own, or sometimes even skip meals.
Gen Z Reduces Their Health Concerns
In families making less than $75,000, these tough choices were more noticeable. About 36 percent of these families felt extremely stressed every single day.
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About 46% of Americans are putting off going to the doctor because they can’t afford it. Among Gen Z, that number jumps up to a whopping 67 percent.
Increasing Inflation
The outlook doesn’t look good for both Gen Z and Americans of all ages. Around 21% of people think their money situation will get even less stable in the next three years.
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With prices going up by 3.2%, things like rent, cars, gas, and food are getting more expensive. This means many people might end up spending less on groceries to save money.
Weighing Expenses
Skipping a meal might seem like a small way to save money,” explained Hao Dang. Hao Dang is a financial planner and investment strategist at Consilio Wealth Advisors. “But the real question is, how much are people spending on rent or car payments? Hao Dang asked.
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Hao Dang is saying that skipping a meal might not save a lot of money in the long run compared to other significant expenses. Expenses like rent or car payments.
Older Generations vs. Gen Z
Bryan Kuderna, a financial planner and host of The Kuderna Podcast, made a statement. He said Gen Z’s habit of skipping meals could show how they think about food and money.
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Back in the day, when money was tight, older generations might have chosen a simple peanut butter and jelly sandwich. But Gen Z seems to prefer spending money on meals they really enjoy, even if it means eating out.
Gen Z: More Reasons to Spend
“I believe we’re moving away from saving money and leaning more towards having fun,” Kuderna said. “Baby Boomers were influenced by those who lived through the Great Depression. Millennials picked up lessons from their Boomer parents.
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Now, Gen Z is growing up in a world filled with social media and constant ads. They started all these from a very young age. They’re faced with new things to spend money on all the time.”