Everyone have heard about the word inflation at some point of time in their lives. Especially after the beginning of Russian special military operation in Ukraine, inflation has been part of everyday news in all news papers and channels. In simple terms, Inflation is a phenomenon were prices of essential commodities increases at a higher level over a period of time.
Ever since the dawn of internet in late 1990s and early 2000s, all the discussions and debates regarding Economics and politics moved from tv rooms to social media platforms like Facebook and Twitter.
Generation Z which are people who were born between 1997 and 2012 are now mostly glued to mini entertainment apps such as TikTok and Instagram. In platforms such as TikTok we can see on a day to day basis the experience of Gen Z in relation to inflation.
While some tiktokers make funny reaction videos of how Gen Z reacts to high inflation in the economy, there also several number of youngsters who are really concerned about their financial future in the current scenario.
Majority of the people from Gen Z says that they are actually feeling the impact of inflation in the form of increasing prices for food and drinking items. Gas prices and rent cost has also gone up which makes their lives very expensive.
Marcus Macal is a 25 years-old Gen Z who currently lives in New Jersey. He states that he has not been able to move out of his parents home in New Jersey despite having a full time job and salary. The increasing inflation in the economy has also impacted on his day to day life with friends such as eating out, hanging out with his buddies etc. For him everything has become more expensive and this he decided to stay at home which is free for now.
Katie Webster who is a classical voice student at Azusa Pacific University is already worried about her future after graduation. Katie who is going to graduate from college in next May has already made up her mind if situation where she does not own a house and not have a big retirement fund.
But according to Betsey Stevenson, a professor of public policy and economics at the University of Michigan, youngesters and new generation is lucky now. Even though increasing prices for essential commodities have had impact on their day to day lives, they do not need to see a whole lifetime savings withering down due to inflation.
That is the situation of the generation X or generation Y who build a lot of assets for past many years when inflation was standing at two percentage and now from last year onwards, the inflation is sky rocketing.
