Gym, skincare and streaming among ‘essentials' for some Gen-Z adults
Many Gen-Z adults consider gym membership, skincare treatments and streaming services to be essential bills, a survey indicates.
Nearly three in 10 (27%) 18 to 24-year-olds consider gym membership to be an essential, while a quarter (25%) deem streaming services to be a necessity to meet their basic standard of living, according to the research published by Intuit Credit Karma.
New clothes (25%), skincare and beauty treatments (22%) and socialising (30%) also made the list of unavoidable expenses among young adults.
The research indicated that, across all age groups, many adults are expanding their perceptions of 'essentials' beyond bills such as utilities and groceries, to include maintaining their overall wellbeing.
A quarter (24%) of adults surveyed across all age groups consider that spending money to look after their mental wellbeing is as important as 'traditional' essential expenses such as food and housing, rising to 39% among 25 to 34-year-olds.
Three in 10 (30%) people surveyed in this age group agreed that investing in their physical health is a non-negotiable.
Across all adults surveyed, one in seven (14%) said they would rather reduce their long-term savings than give up certain lifestyle expenses.
Akansha Nath, general manager (international) at Intuit Credit Karma, said: 'Gen-Z is redefining the meaning of essential spending, ensuring their emotional and physical health, and social needs are met too.
'However, this shift comes with financial trade-offs, with some adults taking on debt to maintain their lifestyle. Tools like credit monitoring and responsible borrowing can help ensure financial stability while maintaining your ideal standard of living.'
OnePoll surveyed 2,000 people across the UK in March for the research.
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