Pizza for Thanksgiving: Gen Zers trying to save money are ditching tradition in favor of affordability

Thanksgiving often means money spent on groceries like a whole turkey, or ingredients for a rich cranberry sauce, but this year, young people are choosing their finances over tradition because of high inflation rates

According to a report by Wells Fargo, the price of groceries has increased at a rate of nearly 10 percent. The tradition of cooking a feast and eating at home is expected to decline this year.

Many of those opting out of throwing a traditional Thanksgiving dinner are GenZs, not just because groceries are more expensive, but because their finances are taking a further hit due to credit card debt, the loss of jobs, and higher auto loans. The average student loan balance is more than double that of the younger generation.

A survey of 1,000 participants conducted by the financial advisor Personal Capital found that 32% of Gen Zers are adapting their Thanksgiving to save money. Many people said they would serve fewer items or have friends and family help out.

Many young people are forgoing the tradition of centering their meal around turkey in favor of pizza, according to a survey. According to a report by Wells Fargo, the cost of turkey is 23% higher this year than it was last year, so young people are choosing affordability over celebration.

The bank's survey showed that the rate of dining out increased more slowly, so this is a great year for people to skip the cooking and hosting.

This could be the year to book your favorite restaurant for anyone who wants to spend less time at home and more time enjoying themselves.