How inflation costs are impacting each generation

Morning In America

CHICAGO (NewsNation Now) — Inflation has impacted everyone but which generation you are a part of could determine where you are feeling the financial pinch.

For millennials, those between the ages of 25 and 40, rising inflation is the fourth financial crisis of their lives. They’ve experienced the dot com bubble burst as kids, the Great Recession as 20-somethings, the COVID-19 fueled the economic crisis and now rapid inflation.

You can see those inflation costs in what millennials and their younger peers in Gen Z, those under 25, are buying the most.

Millennials and Gen Z are impacted by housing costs. Both generations are much more likely to rent than own homes which means they’re much more vulnerable to a sudden rent increase.

Millennials also spend more monthly on gas than any other age group and gasoline is 50% more expensive right now.

Gen Z is the generation most likely to use the laundromat, where costs have risen more than 7%.

As for Baby Boomers, those 57 to 75, and Generation X, those 41 to 56, they are also feeling the impact.

Those groups buy the most household goods, like furniture, and if a kid ruins a sofa by spilling soda on it, that now costs up to 12% more.

Health care which older generations tend to use more has also been hit., Even groceries, which Boomers and Generation X typically spend more money on are up 5.3% right now.

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