Young people’s finances have been uniquely impacted by the events of 2020. Gen Z and young Millennials, still in the beginnings of their careers are more likely to have been hit with job losses, and changes in income. After an initial stabilization of young people’s savings earlier this year, we’re seeing a shift. Half of Gen Z and Millennials say that COVID has had a negative impact on their finances. Though not all young consumers are suffering financially, the number who are struggling or stressed over their bank accounts is increasing.
This look at their personal finances right now explores those changes, their financial priorities now, and what brands need to know about their concerns.
Download the full report for insights on:
- If COVID has affected Millennial finances negatively or positively
- What Millennials consider to be their top financial priority this year
- Why credit card usage and debt has decreased in the face of this financial crisis
- Young parent’s need for more financial workarounds
- Millennials’ number one source for financial advice
Report length: 10 pages
Based on a survey of 1000 13-39-year-olds in the U.S., fielded August 2020
Additional survey content for Pro users: biggest financial worry, the kinds of debt they hold, where money is kept and saved, non-retirement related investments, how they make investments, usage of financial tools and resources, the “buy now, pay later” services they use