gen z: As companies call staff back to work, Gen Z faces heat from rising prices
The discussion has shifted from investing in stocks and cryptocurrencies to paying more for house rent and groceries.
A Times of India report cited Mahima Rawat, a 24-year-old graphic designer, who went to her workplace in Mumbai to find she was spending more than she used to a while ago. two years.
Despite the fact that his main expense, the rent for the property, has been relatively stable since the epidemic, the shock has arrived. “App-based taxis have become more expensive. At my favorite restaurants, the fares either went up or the amount of food went down. My gas bill went up almost 50%,” Rawat told TOI.
Retail price inflation in India jumped to 7.79%, its highest level in 8 years, driven by fuel and food prices.
When asked how Rawat manages his finances? “I’ve made some adjustments to my lifestyle. For example, I’m using auto rickshaws instead of taxis and I’ve cut down on weekend outings,” Rawat told TOI.
Even the hikes didn’t really help to offset the magnitude of the price rise that became widespread.
Abhishek Gijare, 24, a research consultant based in Pune, has almost given up riding a scooter because petrol is more than 30% more expensive than at the start of the year.
Soaring prices have brought about a change in the lifestyle of many. Some have almost stopped eating out.
“I had to cut back on junk food because I now spend more money on vegetables and fruit.” Mumbai editor Raveena Sangle told TOI.
Sneha Kadam (25), a data analyst, considered quitting after her superiors told her she would have to move to Gurgaon to work from their office.
“They said it was ‘hybrid’, that I only needed to work from the office for three days, but that doesn’t make financial sense if I’m renting an apartment,” Kadam added. After negotiating her pay deal, she agreed to change jobs.
“However, even that is not enough. For recreation and travel, I may have to dip into my savings,” Kadam said.
Shrey Gandhi (23), a museum restorer in Mumbai, has seen a 25% increase in his monthly fuel expenses over the past few months.
The extra fuel expenses ate away at his monthly savings because he didn’t decrease any other expenses.
Abhishek, who is responsible for paying utility bills in his family’s home, is now more concerned with avoiding wasting cooking gas. The balancing act between spending and saving is, on the other hand, difficult for individuals who live in rental accommodation in metropolitan areas and who do not have family support.