NEW YORK—What is eating up the most consumer dollars these days? Thanks to inflation, it’s groceries, a new study shows.
A survey of 1,800 U.S. adults commissioned by User Testing and conducted by OnePoll shows 48% said their grocery costs consume the majority of their monthly budget, followed by utility bills (38%) and credit card debt (37%), Study Finds reported.
Thirty-eight percent of Gen Z are delegating the majority of their monthly budget towards loans, while 46% Millennials are likewise spending most of their money tackling credit card debt, the survey found.
Meanwhile, 45% of Gen X is spending the most on groceries, 43% of Baby Boomers are paying the most on utility bills, and 43% of the Silent Generation are paying most for their rent or mortgages.
The study also seems to have found one data point that runs counter to other surveys of consumer preferences, finding that when it comes to finances and banking, people across all generations prefer a human touch — 83% said they prefer using a traditional bank for their financial needs.
The Specifics
Specifically, User Testing said its survey found one-third of people (36%) said they “strictly” use traditional banks, ditching digital completely — including 40% of Gen Z and 34% of Baby Boomers. In comparison, only 10% overall said they’d rather just use a digital bank with no physical presence.
Those findings run counter to numerous other surveys that have found a majority of people saying they prefer to do financial business digitally, especially transactions.
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