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The pandemic has been “eroding” young people’s savings.

Feb 15 2022

The pandemic has been “eroding” young people’s savings. According to a January 2022 Bankrate survey, 46% of 18-25-year-olds say their emergency savings is less in 2022 than it was at the start of the pandemic, while 54% of 26-32-year-olds say their emergency savings declined during the pandemic. Young people have had a harder time building up their savings during this time, and Gen Z and younger Millennials were the most likely to  have lost a job or receive a pay cut as a result of COVID-19. Meanwhile, 32% of the 26-32-year-olds surveyed say their savings is less than what they owe in credit card debt. YPulse told you that personal finance / money management is a skill Gen Z and Millennials want to learn this year, and they’re looking for ways to become more finance savvy as they continue navigating rising housing costs, inflation, and more. (CNBC)