Moving back home during the pandemic is allowing young adults to “financially reset and save.” According to Zillow, almost 3 million young adults have moved in with a parent or grandparent to ride out the pandemic—and our latest finance and spending monitor found that 20% of 19-37-year-olds have had to move in with family to save money because of COVID. For many Gen Z and Millennials switching to remote working, this provides the opportunity to leave expensive cities and “financially reset and save” for their futures as they cut out other costs that would have otherwise been used for leisure activities like traveling or dining out. A Travis Credit Union survey found that 73% of respondents believe the pandemic will reshape their financial habits in the future. (CNBC, WSJ)
