Inflation Is Wrecking Millennials’ 2022 Financial Goals
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What is the main topic discussed in this episode?
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Here's your money briefing for Tuesday, May 24th. I'm J.R. Whelan for The Wall Street Journal. At 8.3%, inflation is high. And for people born after the 1980s, it's far and away the highest they've ever seen. And that's causing many to do a top-to-bottom rethink of their personal finances.
It's something I've quite literally never seen in my lifetime. That's not hyperbolic. That's just a fact. And when I talk to other people who are in similar positions, it makes something like this really hard to expect, something hard to bake into your budget.
On today's show, our personal finance reporter, Julia Carpenter, will discuss how millennials and younger people are adjusting to high inflation, including some tips for helping to stretch your dollars. That's after the break.
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What is the episode about and why is inflation especially high right now?
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Inflation remains at a 40-year high, and that's clouded the financial picture for many younger people, no matter how well they've been able to manage their finances during the pandemic. WSJ personal finance reporter Julia Carpenter is one of them, and she joins us with more. Julia, thank you so much for being with us.
Thank you for having me.
So Julia, it's been a long two years for people who've seen the pandemic wreak havoc with their finances. And now steep inflation is standing in the way of what many thought might have been the light at the end of the tunnel. Now you wrote about how this is affecting younger people and millennials, including yourself. What's been your experience?
One of the first signs of inflation for me was at the grocery store, which is something I'm hearing from a lot of people as well. I don't drive, so I don't see it at the gas pump, but the grocery store, my grocery bill, it's kind of hard to not notice that. I haven't made any significant life changes. I haven't changed where I'm shopping, where I'm buying. The prices just sort of have increased on their own. And just last month, I was at the supermarket and I thought, okay, when did grapes cost this much?
Yeah, inflation has hit pretty much everything. And you know, with your grapes, it's not like the price has gone up by a couple of cents. It's a lot more than that.
And they're the same grapes. That's the other thing that I think is so hard for people. You know, it's not like I was at the fancy grocery store one day. This is the grocery store that I go to because I was saving money in the pandemic and I ended up finding out that this grocery store was cheaper. So that was sort of my first sign in my life that this was touching me in an individual way. And then I'm seeing it in the ways that many other people are seeing it. My landlord is increasing our rent, which is distressing, as it is for many other people. And I also have noticed that the raises, the... The other ways that my girlfriend and I had sort of expected to see more latitude in our budget, we weren't really seeing that.
It was just more of the same, which was to me sort of the sign that something was up.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–1:42
2
What is the episode about and why is inflation especially high right now?
1:42–6:59
3
How did the host introduce Julia Carpenter and the episode's focus on millennials?
6:59–8:44
4
How are rising grocery prices and everyday costs first signaling inflation to millennials?
8:44–9:06
Speakers
2 identifiedMore from WSJ Your Money Briefing
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