{"id":156140,"date":"2023-10-13T09:00:00","date_gmt":"2023-10-13T13:00:00","guid":{"rendered":"https:\/\/hispanicprwire.com\/english-gen-z-is-tightening-its-belt-with-73-modifying-lifestyles-due-to-inflation\/"},"modified":"2023-10-13T09:10:07","modified_gmt":"2023-10-13T13:10:07","slug":"la-generacion-z-se-prepara-para-ajustar-sus-finanzas-y-el-73-modifica-su-estilo-de-vida-debido-a-la-inflacion","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/la-generacion-z-se-prepara-para-ajustar-sus-finanzas-y-el-73-modifica-su-estilo-de-vida-debido-a-la-inflacion\/","title":{"rendered":"Gen Z is Tightening its Belt, with 73% Modifying Lifestyles Due to Inflation"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p class=\"prntac\"><i>BofA&#8217;s 2023 Better Money Habits Survey Uncovers Changes in Younger Americans&#8217; Spending Priorities <\/i><\/p>\n<p><span class=\"xn-location\">CHARLOTTE, N.C.<\/span>, <span class=\"xn-chron\">Oct. 13, 2023<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Today, 85% of Gen Zers cite one or more barriers to achieving financial success. Topping the list is the higher cost of living, cited by 53% of respondents to Bank of America&#8217;s annual\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3995667-1&amp;h=534118397&amp;u=https%3A%2F%2Fbettermoneyhabits.bankofamerica.com%2Fen&amp;a=Better+Money+Habits\" target=\"_blank\" rel=\"nofollow\">Better Money Habits<\/a>\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3995667-1&amp;h=3875086503&amp;u=https%3A%2F%2Fnewsroom.bankofamerica.com%2Fcontent%2Fdam%2Fnewsroom%2Fdocs%2F2023%2FBMH_GenZ_Survey_Report_2023.pdf&amp;a=survey\" target=\"_blank\" rel=\"nofollow\">survey<\/a>\u00a0(PDF). The new research provides timely insights into approaches this younger generation is taking to gain its financial footing in the current economic environment.<\/p>\n<div id=\"prni_dvprnejpgd7d3left\" dir=\"ltr\" style=\"width: 100%; text-align: left;\"><img decoding=\"async\" id=\"prnejpgd7d3left\" title=\" \" src=\"https:\/\/mma.prnewswire.com\/media\/1612970\/Bank_of_America_Corporation_Logo.jpg\" alt=\" \" align=\"middle\"\/><\/div>\n<p>Over the past year, nearly three out of four (73%) Gen Zers say they&#8217;ve changed their spending habits due to increased prices. Their lifestyle changes have included cooking at home more frequently (43%) rather than dining out, spending less on clothes (40%) and limiting grocery purchases to the essentials (33%). And nearly all those who adopted these new spending habits plan to maintain them over the next year (90%, 79% and 80%, respectively) \u2013 even as inflation slows and price pressures decrease.<\/p>\n<p>According to the Bank of America Institute, a significant gap opened in the last year between spending by younger and older generations. \u00a0According to Bank of America data regarding credit and debit card spending per household, Gen Z spending declined by over 2% between <span class=\"xn-chron\">May 2022<\/span> and <span class=\"xn-chron\">May 2023<\/span>, while spending increased by 2.5% (Boomers) and 5% (Traditionalists).<\/p>\n<p>&#8220;This younger generation has proven resilient and resourceful in managing their money during a challenging environment, and adapting their lifestyles as needed,&#8221; said <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3995667-1&amp;h=1643047901&amp;u=https%3A%2F%2Fnewsroom.bankofamerica.com%2Fcontent%2Fnewsroom%2Fexecutive-bios%2Fholly-o-neill.html&amp;a=Holly+O%27Neill\" target=\"_blank\" rel=\"nofollow\"><span class=\"xn-person\">Holly O&#8217;Neill<\/span><\/a>, President, Retail Banking at Bank of America. &#8220;We continue to provide a wealth of resources and the guidance they need as they work toward financial independence and on building wealth.&#8221;<\/p>\n<p><b>Additional insights &#8211; Financial Health<\/b>\u00a0\u00a0<\/p>\n<ul type=\"disc\">\n<li>Over the last year, nearly four in 10 Gen Z (37%) say they&#8217;ve experienced a financial setback \u2013 such as decreased savings or additional debt \u2013 causing 27% to borrow money from friends or family. The reliance on friends and family is likely due in part to the fact that more than half (56%) say they do not have enough saved to cover three months of expenses in the event of an emergency.<\/li>\n<li>While just over half of Gen Z (52%) feel confident that they&#8217;re on track to meet their financial goals, fewer than half (48%) are fully or even mostly financially independent.<\/li>\n<li>However, Gen Z still feel able to handle everyday financial activities. The majority are confident in their ability to manage day-to-day expenses (69%), manage their budget (70%) and their credit (67%). However, they lack confidence around complex financial planning topics; fewer feel equipped to save for retirement (45%) or invest in the stock market (29%).<\/li>\n<li>While Gen Z women continue to save more than Gen Z men, fewer Gen Z women are investing (11% vs. 18% of men) and feel equipped to save for retirement (40% vs. 51% of men).<\/li>\n<li>Confidence in the economy among Gen Z is waning. Over the year ahead, just 24% feel confident the economy will improve, compared to 41% in 2021; and 32% feel confident the job market will improve, compared to 46% in 2021.<\/li>\n<\/ul>\n<p><b>Top Priorities<\/b><\/p>\n<ul type=\"disc\">\n<li>Looking ahead to 2024, Gen Z&#8217;s top priorities include furthering their education (36%), advancing their career or increasing their salary (31%), and getting a new job (31%).<\/li>\n<li>This year, many Gen Z started a new job or took a new position (33%), negotiated a raise (22%), or applied for a job in a new field (14%).<\/li>\n<li>For those that started a new job, they were motivated by higher salaries (36%), better long-term prospects (32%), and saw a new role as a step up (32%).<\/li>\n<\/ul>\n<p>For more details, please see the <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3995667-1&amp;h=263261712&amp;u=https%3A%2F%2Fnewsroom.bankofamerica.com%2Fcontent%2Fdam%2Fnewsroom%2Fdocs%2F2023%2FBMH_GenZ_Survey_Report_2023.pdf&amp;a=full+report\" target=\"_blank\" rel=\"nofollow\">full report<\/a> (PDF).<\/p>\n<p><b>Methodology<br \/><\/b>This survey was conducted <span class=\"xn-chron\">Aug. 15<\/span> \u2013 28, 2023 by Ipsos in both English and Spanish and is based on nationally representative probability samples of 1,156 general population adults (age 18 or older) and a partially overlapping sample of 1,167 Gen Z adults (age 18-26), including 122 Gen Z adults from a non-probability sample. This survey was conducted primarily using the Ipsos KnowledgePanel\u00ae, the largest and most well-established online probability-based panel that is representative of the adult US population. The margin of sampling error for the general population sample is +\/- 3.6 percentage points at the 95 percent confidence level.<\/p>\n<p><b>Better Money Habits\u00ae<br \/><\/b>At Bank of America, we&#8217;re committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That&#8217;s why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools that break down financial topics in a way that&#8217;s approachable and easy to understand. We continually look for ways to expand the reach of Better Money Habits and also offer Spanish language resources on the site.<\/p>\n<p><b>Bank of America<br \/><\/b>Bank of America is one of the world&#8217;s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in <span class=\"xn-location\">the United States<\/span>, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across <span class=\"xn-location\">the United States<\/span>, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).<\/p>\n<p>For more Bank of America news, including dividend announcements and other important information,\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3995667-1&amp;h=1162742850&amp;u=https%3A%2F%2Fnewsroom.bankofamerica.com%2Fcontent%2Fnewsroom%2Femail-subscription-form.html&amp;a=register\" target=\"_blank\" rel=\"nofollow\">register<\/a>\u00a0for email news alerts.<\/p>\n<p><b>Reporters may contact:<\/b><\/p>\n<p><span class=\"xn-person\">Susan Atran<\/span>, Bank of America\u00a0<br \/>Phone: 1.646.599.3300<br \/><a href=\"mailto:susan.atran@bofa.com\" target=\"_blank\" rel=\"nofollow\">susan.atran@bofa.com<\/a><\/p>\n<p>Logo &#8211; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3995667-1&amp;h=607692314&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1612970%2FBank_of_America_Corporation_Logo.jpg&amp;a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1612970%2FBank_of_America_Corporation_Logo.jpg\" target=\"_blank\" rel=\"nofollow\">https:\/\/mma.prnewswire.com\/media\/1612970\/Bank_of_America_Corporation_Logo.jpg<\/a><\/p>\n<p>SOURCE  Bank of America Corporation<\/p>\n<\/div>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p class=\"prntac\"><i>BofA&#8217;s 2023 Better Money Habits Survey Uncovers Changes in Younger Americans&#8217; Spending Priorities <\/i><\/p>\n<p><span class=\"xn-location\">CHARLOTTE, N.C.<\/span>, <span class=\"xn-chron\">Oct. 13, 2023<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Today, 85% of Gen Zers cite one or more barriers to achieving financial success. Topping the list is the higher cost of living, cited by 53% of respondents to Bank of America&#8217;s annual\u00a0&lt;a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":156141,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-156140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-negocios-y-finanzas"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/156140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=156140"}],"version-history":[{"count":"1","href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/156140\/revisions"}],"predecessor-version":[{"id":156142,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/156140\/revisions\/156142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media\/156141"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=156140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=156140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=156140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}