Millennials are now behaving like their Boomer parents thanks to inflation

The cost of living crisis isn’t just impacting homeowners. Young people are feeling the pinch in a shockingly different way.

OPINION

Inflation is rising, and now I live more like a Boomer than a Millennial. Yes, living costs have become so bad that my lifestyle is more like a semi-retired mum than a hot young person.

Globally inflation is the highest it has been in 30 years. That means everything is expensive, from groceries to petrol to rent. No one comes out unscathed when inflation swells. Forget the dream of buying a home being dead; my goal of buying a Gucci belt is in the morgue.

According to the Treasury and the RBA, annual inflation in Australia is expected to peak at over 7 per cent in 2023. This news comes after the Australian Bureau of Statistics (ABS) reported that Australia had reached the highest annual inflation rate in three decades in 2022. Are you depressed yet?

Cost of living keeps increasing. Picture: ABS, RBA

Well, sorry, here’s some more bad news because the annual food price in inflation in Australia surged from 5.9 per cent to 9.0 per cent in 2022. So, yes, you aren’t just imagining it; all your favourite treats are costing you more.

I’m in a lucky position because I am childless and working full-time. So, while I can see the inflation reflected in my weekly grocery bill, I’m not waking up at 2am in cold sweats, wondering how I’ll be able to pay the electricity bill.

Still, the young person’s perspective as inflation rises is valid. Yes, we aren’t losing our homes (because we couldn’t afford one in the first place) but the way I live is changing. I am meant to have the time of my bloody life – not passing on girl’s nights so I can still afford to get my daily coffee.

Recently a conversation between a Depop seller and buyer went viral. If you don’t know what Depop is, it is like eBay for young people but it looks like Instagram. Anyway, a seller on the app coined the term, “cozzie livs”. Yes, that is slang for cost of living crisis. See? Young people are so consumed by it, they are giving it nicknames.

Today Depop Drama told me that the kids are calling the cost of living crisis ‘the cozzie livs’. pic.twitter.com/8AwwgrrPlq

— Helen Kirrane (@helen_kirrane) January 6, 2023

In 2023 being a Millennial means Ubers, UberEats, brunches, dinners and same-day orders from The Iconic. My Boomer parents have constantly rolled their eyes at these antics and ranted and raved about how they never lived as lavishly as I did.

I’d roll my eyes right back and explain that I’m in my Paris Hilton era and must be left alone to make bad choices while I’m young enough that it won’t ruin my life. However, inflation is slowly stripping away all the fringe benefits of being a young person.

I should be in my Paris Hilton era, able to make questionable life choices. Picture: Vittorio Zunino Celotto/Getty Images

But instead I’m having to forgo girls’ nights so I can afford my daily coffee. Picture: iStock

Harrison Astbury, who works as editor at the mortgage website InfoChoice feels like inflation is hitting young people particularly hard.

“Many people in their late teens and 20s are figuring out their jobs and careers, and even with stronger wage growth, real wages growth (wages growth minus inflation) is the worst it’s been in more than a decade,” he said.

“Another factor that is less talked about is HECS/uni debt inflation. It’s one of the only debts that’s indexed to inflation, and debts are set to go up by around 7 per cent this year in June. This is a further arrow to the knee for young Australians who have just graduated university, who have probably a $30,000-50,000 debt.”

Interestingly, financial planner Brenton Tong, who is a director at Financial Spectrum, has found that his younger clients are cutting back.

“Young people are definitely feeling the pinch of inflation at the moment,” he said.

Mr Tong has recommended clients replace meals out with walks with friends and to say goodbye to going to the movies.

“Some of the simplest go-to ideas have been cutting back on PT or gym memberships and working out either at the park, home or with friends.

“We have a lot of clients catching up with friends for picnics, walks or at markets rather than doing brunch. We keep reminding people that for a social outing, the main focus is catching up with friends rather than eating, so changing location and activity allows you to do something fun, and spend a lot less.

Financial planner Brenton Tong suggests group home movie nights instead of going to the cinema. Picture: iStock

“Movies have been replaced with at-home paid new release streaming. Bring ice cream, drinks and nibbles and sit around watching the newest release – that’s $20 odd for the whole group, not per person.”

Suddenly I’ve been reduced to making cuts, making life less fun. Yes, I know other people have much bigger problems they are facing in these uncertain economic times, but that doesn’t mean I’m not allowed to mourn the loss of the benefits of being footloose and fancy free.

I’m young; I should be buying $20 cocktails, getting Ubers home at 2am from nightclubs with sticky floors and ordering UberEats the next day to treat my hangover.

I shouldn’t be telling my friends how enraged I am about the rising cost of blueberries – although I am infuriated!

The whole point of being young is that the pressures of children and mortgages don’t burden you, and financial decisions don’t rule your life. However, suddenly I’m at the point where the cost of a night out is becoming so expensive that I have to forgo experiences of my youth to keep a roof over my head. And that is a national shame.