Millennial millionaires are delaying home, car purchases due to inflation

Millennial millionaires are temporarily shelving major purchases as interest rates and inflation rise, according to CNBC’s Millionaire Survey.

Nearly half of millennial millionaires say higher borrowing costs are causing them to delay buying a car, and 44% say higher interest rates have caused them to delay purchasing a home, according to the survey. More than a third said inflation has caused them to delay a trip or vacation.

The CNBC Millionaire Survey, which surveys those with investible assets of $1 million or more, suggests that inflation and rising borrowing costs are working their way up the wealth ladder. While inflation hits the middle-class and lower-income groups hardest, rising…