Young Americans Have Used 33% Of Their Total Savings During COVID-19 | Zero Hedge
The coronavirus shutdowns have had a dramatic impact on the broader economy (if not the stock market, which is almost back to all time highs) and few have been hit as hard as young Americans such as Millennials and Gen Zers. A recent survey from Travis Credit Union seeking to learn more about the money-saving habits of young Americans and how Covid-19 and the looming recession has impacted their savings, polled nearly 2,000 Millennials and Gen-Zers and here’s what they found:
- 99% said that saving money is important to them.
- 39% of young Americans have had to dip into their savings during Covid-19 and have used an average of one-third of their total savings
- The top reasons for using savings during Covid-19: Food, utilities, mortgage or rent, credit card debt, and student loans.
- 73% of respondents said Covid-19 will shape their financial habits moving forward.
Some more details: on average, respondents began saving at the age of 19 and 90% have taken the first step and opened a dedicated savings account. While men have more saved than women on average ($16,631 and $11,649, respectively), over half of all respondents add to their savings on a monthly basis.
