Credello: Are Millennials Impacted the Most by Inflation?
Aug 11, 2022
In recent years, there has been a lot of talk about how inflation is impacting different age groups. Some people believe that Millennials are hit the hardest by inflation, due to the rising cost of living and student loan debt. Quick personal loans make it difficult to save money, and the cost of key items like housing and healthcare continues to increase.
Millennials are definitely being hit hard though. Consumer prices, according to the U.S. Bureau of Labor Statistics Consumer Price Index (CPI), are up 9.1% since July 2021. That includes a 10.4% increase in food prices and a 59.9% increase in the price of a gallon of gasoline.
Financial Stress is More Intense for Millennials
People in their 20s and 30s are building careers, establishing long-term relationships, and buying houses. The cost of doing those things was already high. In 2022, it's reached another level. Just putting gas in the car to go to work every day is a challenge. Younger millennials struggle more. They're still building their career path, so salaries are lower.
The housing market is also a concern. The American Dream of owning your own home is getting more unattainable for millennials as home values increase and inventory is still limited. Meanwhile, the Fed is raising interest rates to "curb" inflation, making it even more difficult to afford a new home. This eliminates a major wealth-building option for this generation.
Vacations are Becoming Less Affordable
Most people take a vacation when they're stressed out. Unfortunately, rising prices have made that almost impossible for some folks, particularly those early in their careers making less money. Who can afford to gas up the car and go on a road trip? Airfare used to be cheap, but planes use gas too. Airfare is up 25% since last year.
Even staycations are more expensive. Energy services (natural gas and electricity) are up 19.4% and it costs 12.2% more to eat at home this year. Sitting in front of the TV, blasting the air conditioner, and munching on refrigerator food sounds great. Paying for it won't relieve any financial stress. It's almost cheaper to go to work. Take-out food only went up 7.7%.
Shortages are Part of the "New Normal"
Baby boomers remember gas lines and recessions. Millennials got to see the longest bull market in history unfold during their entire adult lives. That was before the 2020 pandemic. This year, we're seeing supply line disruptions, slow economic recovery, and global conflict. Many have called the post-pandemic years the "new normal." Shortages are part of it.
Some of those shortages are internal because people simply can't afford what they could in the past. In some cases, items we once bought at the market are no longer in stock or are on backorder. The supermarket shelves have empty spaces on them. That's a new experience for millennials. Hopefully, we'll see that turnaround soon.
Press Release Service by Newswire.com
Original Source: Credello: Are Millennials Impacted the Most by Inflation?
More News
ESPN Taps Marvel’s Vision to Boost ElClásico’s Debut on ABC
The Vision, the Marvel super-hero, must tackle two important missions on Sunday. Not only does the character have a new streaming series on Disney+ that needs promotion, but he’s been tapped by Disney sibling ESPN to lend some pizzazz to Sunday’s telecast of ElClásico, the fierce soccer match-up between Barcelona and Real Madrid, which is […]
Meghan Markle’s Father Investigation Takes New Turn as Police Admit They Didn’t Share Allegations
Meghan Markle‘s father Thomas Markle Sr. is at the center of a new development after British police confirmed they received […] The post Meghan Markle’s Father Investigation Takes New Turn as Police Admit They Didn’t Share Allegations appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
Kurt Cobain shocking admission resurfaces as Nirvana hit 'Smells Like Teen Spirit' marks 35 years
Kurt Cobain shocking admission resurfaces as Nirvana hit ‘Smells Like Teen Spirit’ marks 35 years Nirvana changed the rock music scene with the release of Smells Like Teen Spirit almost 35 years ago.It is a song that helped bring grunge into the mainstream with its unforgettable...
‘A Court of Thorns and Roses’ Gets a Fittingly Sexy Fashion Collection Ahead of Sarah J. Maas’s Latest Book
In an age of endless brand partnerships and collaborations, it always feels good seeing a team-up that doesn’t feel forced. Such is the case with For Love & Lemons very sexy collaboration with “A Court of Thorns and Roses” — a collection of corsetry, lace, romantic florals and embellished evening wear that just makes sense. […]
Award-winning choreographer draws comparison between Madonna and Michael Jackson
Award-winning choreographer draws comparison between Madonna and Michael JacksonVincent Paterson is opening up about what it was like working with two pop icons, Madonna and Michael Jackson.At the Dancers Against Cancer’s Gala of the Stars, the American director and choreographer reflects on...
NASCAR Race Today (October 25, 2026): Start Time, TV Channel & How to Watch the YellaWood 500
There’s a NASCAR race happening today, Sunday (October 25)! The 2026 NASCAR Cup Series continues with the YellaWood 500 at […] The post NASCAR Race Today (October 25, 2026): Start Time, TV Channel & How to Watch the YellaWood 500 appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
Ciara Miller and Kyle Cooke Kiss in Shocking Summer House Sneak Peek
Ciara Miller and Kyle Cooke are already making a splash on Summer House season 11. Nearly seven months after the Bravo stars’ respective exes West Wilson and Amanda Batula broke the internet by...
This Pop Culture Puzzle Feels Like Someone Invited All The Wrong People To A Halloween Party
This Sunday's grid has a little childhood nostalgia, a little Halloween weirdness, and plenty of opportunities to second-guess yourself. View Entire Post ›
‘What If Christmas’ Cast, Plot & How to Watch Lori Loughlin & Tom Cavanagh’s New Hallmark Movie
Hallmark’s Countdown to Christmas continues on Sunday, October 25, with What If Christmas, a new holiday romance starring Lori Loughlin […] The post ‘What If Christmas’ Cast, Plot & How to Watch Lori Loughlin & Tom Cavanagh’s New Hallmark Movie appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
JoJo Siwa details reason why she will 'never' get rid of signature accessory
JoJo Siwa details reason why she will ‘never’ get rid of signature accessory Jojo Siwa says there’s one very specific style accessory she just can’t quit.The singer and dancer sat down with PEOPLE exclusively at the Industry Dance Awards, hosted by Dancers Against...
Sean Hannity & Ainsley Earhardt Are Married: Fox News Couple’s Wedding Guest List & Details Revealed
Sean Hannity and Ainsley Earhardt are officially married. The 64-year-old and 50-year-old Fox News personalities tied the knot on Saturday […] The post Sean Hannity & Ainsley Earhardt Are Married: Fox News Couple’s Wedding Guest List & Details Revealed appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
My Chemical Romance face legal setback due to Hollywood Bowl show
My Chemical Romance face legal setback due to Hollywood Bowl show My Chemical Romance are facing legal action from the company behind the Dallas Cowboys Cheerleaders after featuring dancers in lookalike uniforms during their recent Hollywood Bowl shows.The band made headlines earlier this...
Recommended
4 Objects That Measure the Life of ‘Rent’
‘Ali G: Who Iz I?’: What to Know
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.