Gen Z cynical about future as majority call cost of living the number one election issue

Gen Z young adults are "struggling to remain optimistic" about their economic futures, a new report says, as rising costs of living and unaffordable housing prices make them re-evaluate their dreams.

"Ever since 2020, I just feel like it goes downhill from here," Tashianna Allen, a 25-year-old paraprofessional from Minnesota who shares a house with her mother, told The Star Tribune.

The Minnesota newspaper spoke with young adults who admitted that since 2020, they have less confidence in achieving financial security or reaching milestones like owning a home.

Jami Mistic, 26, and Courtney Kujala, 27, told the paper that, despite working full-time and sharing apartments with friends, they've both struggled to pay bills and afford groceries over the past few years.

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"It can be very frustrating because people don’t understand what it’s like," Mistic said. "I’ve been ‘middle class’ my entire life, but I haven’t felt that way."

Prices for gasoline, groceries and rent remain uncomfortably high for many Americans. The most recent consumer price index (CPI) report released by the Labor Department showed prices climbed 0.2% in July from the previous month and 2.9% from the same time last year. However, the report marked the lowest level of inflation since March 2021.

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Like voters of other age groups, tackling inflation remains a key issue to Gen Z voters in November.

More than two-thirds of Americans aged 18 to 34 across seven swing states rated inflation and cost of living as their top issues, according to a new U.S. News poll conducted in early July.

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Both Vice President Kamala Harris and former President Trump have pledged to bring down high prices for consumers if they win the November election.

Harris unveiled a price control plan this week which her campaign argued would give relief from high grocery prices.

The proposal would give authority to the Federal Trade Commission and state attorneys general to impose harsh penalties on companies for setting excessively high prices on food and groceries. 

Trump also laid out his own economic plan at the Republican National Convention in July, which included eliminating taxes on tips, raising tariffs on other countries and drilling for more oil in the U.S.

Fox News' Jamie Joseph, Alec Schemmel and Fox Business' Megan Henney contributed to this report.