DAVE & DUJANOVIC

The impact inflation is having on younger Americans

Mar 28, 2023, 9:00 PM

wholesale inflation utah interest rates...

Inflation is causing younger Americans to not safe for things like an emergency. Dave & Dujanovic talk to a financial expert FILE: KSL TV

SALT LAKE CITY — Many Americans are struggling financially due to inflation. Specifically, what kind of impact is inflation having on younger Americans? 

Sarah Foster, a U.S. economy reporter for Bankrate.com, joined Dave & Dujanovic with hosts Dave Noriega and Debbie Dujanovic on Tuesday to discuss how younger Americans are dealing with the current day financial struggles. 

“Inflation affects the vulnerable,” Noriega said. “And the most vulnerable is typically the youngest generation right before they’ve really been established in a career. Or getting into a home, whatever it might be.”

Dujanovic sites research from Bankrate, in which 72% of those between the ages of 18 and 42 say they can’t afford to save for emergencies because of the rise of inflation. 

Dujanovic welcomes Foster to the show by saying “This is quite the pickle that the younger generation is finding itself in.”

Younger Americans stuck in so many financial situations

Foster says younger Americans have been caught in the middle of so many economic events. From the great recession of 2007 to 2009 to the onset of the COVID-19 pandemic in 2020.

“And I think what you have here is a generation that was already set back by those events,” Foster said. “But here comes inflation and it’s making it even harder for Americans to get a handle over their finances.”

Noriega asked, “How much of this do you think is culture? …. I wonder how much pressure is being put on us because we’re trying to keep up with the Joneses?”

“I think you could say that some of that is there,” Foster said. “But I think it’s also just kind of pressure for younger Americans to feel like maybe they were able to do the same that their grandparents or their own parents were able to afford.”

According to the Fed, Foster says the net worth of a renter is 40 times less than a homeowner. 

“That statistic that you just gave us from the Fed is staggering,” Dujanovic said. 

Tips to reach financial goals

Noriega asked, “As young Americans are trying to reach these financial goals, do you have any tips? Besides work 80 hours a week.”

“I think it can also help us feel a little bit more empowered by focusing what we can control rather than what we cannot control,” Foster said. 

Foster says those people should continue to treat themselves, but in moderation. Additionally, she says focus on the habit of saving. Even if it as a little as $10 to $20 a month. 

 

Dave & Dujanovic can be heard weekdays from 9 a.m. to noon. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play.  

Read more:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Dave & Dujanovic

Life jackets are pictured at the Saratoga Springs Marina at Utah Lake on Friday, Feb. 25, 2022....

Curt Gresseth

Come on in, the water’s fine (but remember to wear a life jacket)

The Utah Division of Outdoor Recreation law enforcement chief shares his knowledge and experience with selecting the right life jacket and using it safely.

2 days ago

High amounts of spring runoff cause swelling of rivers across the state....

Esme Sanchez Estevez

Spring runoff concerns in Salt Lake County

Kade Moncur, Director of Public Works Engineering with Salt Lake County talk through the recent spring runoff concerns with resources to be use this summer.

2 days ago

Yardley Makefield Marine Rescue leaving the Yardley Boat Ramp along N. River Road heading down the ...

Curt Gresseth

Utah experts share life-saving boat safety tips

As spring moves into summer, two Utah experts share their knowledge and experience about boat safety.

4 days ago

Police in Coeur d'Alene, Idaho, detain people pulled from a U-Haul truck near the city's Pride cele...

Curt Gresseth

Lawyer rips Idaho prosecutor for not charging 18-year-old man, who allegedly yelled racist and sexual slurs at U. women’s basketball players

KSL's legal analyst criticizes a northern Idaho prosecutor's decision not to charge a young man accused of shouting racist and sexual slurs at black players on the University of Utah women's basketball team while in Coeur d'Alene.

8 days ago

walmart store sign covered, walmart hiring people without college degrees for high-paying positions...

Sam Herrera

LISTEN: Walmart hiring more workers without college degrees for high-paying corporate jobs

In an exclusive interview with ABC News, Walmart U.S. CEO spoke on the company's efforts to hire and promote employees without college degrees.

9 days ago

Utah teacher starting pay is 10th in the nation....

Dave Noriega and Debbie Dujanovic

Would you choose to be a teacher if your starting salary was $49,555?

An April report found the Utah teacher average starting pay sat shy of $50,000 in the 2022-2023 school year.

9 days ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

The impact inflation is having on younger Americans