Your parents used to walk 25 miles over hills and valleys to reach the nearest one-room schoolhouse, but now your children attend virtual classes via Zoom calls from their bed.

The times, they are always changing. But these days, as the oldest members of generation Z are graduating into their 20s, there’s a rush to understand the subset of the population about to attain a new level of purchasing power.

In its annual survey of U.S. teens, financial firm Piper Sandler offers some insight into the minds—and wallets—of that group. Like, what do they eat? What do they wear? Who do they follow?

For starters, it found, Instagram might have a new teen problem on its hands: It’s no longer the favorite social media platform among that age segment. Snapchat and TikTok take the top two spots, while Instagram dropped several points from the previous year. This development comes years after Instagram’s parent company, Facebook, began wrestling with its own aging user base.

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