Millennials delay major milestones over coronavirus pandemic
Millennials are delaying getting married, having children and buying homes because of COVID-19
The Knot Worldwide CEO Tim Chi discusses how the coronavirus pandemic is impacting the wedding industry and its $10 million financial assistance program.
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Millennials are putting off major milestones because of the coronavirus, according to a new survey.
On Wednesday, personal finance software company Quicken published the results of a survey that analyzed the impacts of COVID-19 on Americans’ finances.
The survey found that millennials are the most impacted generation.
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According to the survey, more millennials (25 percent) than other generations said their finances had been significantly impacted by the virus.
The survey also found that 33 percent of millennial respondents said they had lost their job or had their hours reduced because of the coronavirus -- while 38 percent said another member of their household had seen those repercussions as well.
White House coronavirus task force coordinator Dr. Deborah Birx says the coronavirus may impact millennials more than previously thought.
Millennials’ lifestyles are also being affected. In fact, 8 percent of millennials have postponed their wedding, 13 percent are delaying having a child and 23 percent are putting off buying a house, according to the survey.
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Overall, a total of 62 percent of respondents said the coronavirus has had a negative impact on their finances.
The survey also found that 33 percent of respondents overall said they had their hours reduced at work or had completely lost their job. Of those respondents, 60 percent said another person in their household had reduced hours or lost their job as well.
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“The financial repercussions of the coronavirus crisis can't be overstated," Quicken CEO Eric said in a statement. "Just 4 percent of survey respondents said there would be no impact for them, highlighting the widespread financial challenges facing Americans today.”
“We're already seeing this impact causing changes in behavior, with half of respondents noting that they are making an effort to spend less and save more,” Dunn added.
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