US-based TransUnion compared the spending of Generation Z, aged 22-24, with that of Millennials aged 22-24 10 years ago.

The research showed that due to high inflation and the cost of living, young people aged 22-24 today have lower incomes and more debt than they did 10 years ago.

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Last year, young people between the ages of 22-24 earned an average of 45 thousand dollars, while 10 years ago, Generation Y earned an average of 51 thousand dollars at the same age.

The study also found that Generation Z is more stressed about the economy than Millennials aged 22-24 were 10 years ago.

When asked how confident or stressed they felt about their economic situation, 14 percent of Gen Z respondents said they were "extremely stressed," compared to 8 percent of millennials 10 years ago.

In addition, while 13 percent of millennials said they were "comfortable" financially 10 years ago, today only 8 percent of young people feel secure.