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

pets...

Curt Gresseth

Don’t surrender pets to a shelter. Send in a pro to reverse bad behavior, says Utah trainer

An expert discusses controlling the unwanted behavior of pets.

7 hours ago

Exclusive video obtained by KSL NewsRadio shows Salt Lake hit-and-run in the Avenues neighborhood. ...

Eric Cabrera

WATCH: Exclusive video shows woman survives Salt Lake City hit and run

KSL NewsRadio has exclusively obtained footage of a Salt Lake City hit-and-run, where a woman was struck while out for a run in the Avenues.

7 hours ago

1040 form shown, tax refund season is here...

Sam Herrera

Should you spend or save your tax refund?

Filing your taxes can be a headache but figuring out how to spend your tax refund might be a headache in its own right.

1 day ago

A woman in SLC was a victim of a hit-and-run on March 11....

KSL NewsRadio

S.L. County DA says driver in hit-and-run crashes stalked victims

The Salt Lake County district attorney said the driver allegedly involved in a series of hit-and-run crashes intentionally targeted his female victims

2 days ago

The icon for the video sharing TikTok app is seen on a smartphone, Feb. 28, 2023, in Marple Townshi...

Curt Gresseth

Utah mom fears loss of followers and income if TikTok sold

A Utah TikTok creator talks about what banning the app in the U.S. would do to her family's primary source of income.

6 days ago

Join KSL NewsRadio live from Salt Lake County Animal Services on March 28, 2024, from 9 a.m. to 12 ...

Emily Ashmead

Tails of Hope: KSL NewsRadio live from Salt Lake County Animal Services

This special broadcast of Dave & Dujanovic will cover what changes will be made to Utah animal shelters to accommodate the newest regulations.

7 days ago

Sponsored Articles

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.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

The impact inflation is having on younger Americans