They’re turning to their kitchens not because they’re going through a Julie & Julia phase, but because a tight economy is forcing them to turn to budget-friendly lifestyles. A whopping 85% of Gen Zers say they’ve navigated at least one barrier to financial success; more than half (53%) say that barrier is the cost of living, according to Bank of America’s 2023 Better Money Habits report, which surveyed over 1,100 Gen Zers. 

It’s left the majority (73%) of Gen Zers changing their lifestyle habits to curb spending on things like gas and groceries. Some turned to spending less on clothes (40%) or limiting grocery purchases to just the necessities (33%). But almost half (43%) of respondents reported cooking at home more than going out to eat this past year, and the majority of these frequent chefs are planning to continue this habit into 2024. 

“By implementing a ‘just the basics’ strategy when it comes to weekly food shopping, Gen Z is proving themselves to be a fiscally minded generation, taking extra care to cut costs without imposing too much on their lifestyle,” Holly O’Neill, president of retail banking at Bank of America, tells Fortune.

Dining out was losing favor for Americans of all generations as they tried to trim costs during a time of high inflation and evolving tipping norms. This past summer, more Americans began splurging on restaurants again despite the rising prices. 

But Gen Z is both money-strapped and money-conscious, perhaps more prone to shrinking away from dining out due to financial anxiety. Just over a third reported to Bank of America that they’ve experienced a financial setback this year. While half of them are confident they’re on track in the long run to meet their financial goals, less than half described themselves as financially independent and many don’t have enough emergency savings to cover expenses.

They’re weathering the difficulties one step at a time, with most feeling confident they can manage daily expenses, budgeting, and credit. And as many as 74% report they’ve taken at “least one positive financial action over the past year.”

Inflation has stuck around, even if it’s ebbed some, and Gen Z is especially trying to keep their heads above water. Dealing with it during such formative career and financial years could have long-lasting effects on their spending habits. “Gen Z will be left with psychological scars from persistent inflation due to increased uncertainty and anxiety,” Dr. Dayo Abinusawa, founder of London’s Awa Business School, told Fortune. 

The good news is that Gen Z is “able to differentiate ‘wants’ vs. ‘needs’ in their day-to-day life,” O’Neill said. “This better positions them to save for short- and long-term goals, while also allowing for the occasional splurge, whether it’s shelling out for concert tickets or making bucket list travel plans a reality.”

But many of those Gen Zers adjusting their lifestyles to the economy don’t feel as if they’ll be able to stop any time soon. Only a quarter of them said they are confident the economy will get better, per the BofA report. And only 32% report confidence in an improving job market and 26% in a better housing market—fewer than last year. For now, they’ll have to keep on cooking.