(CBS Local) — Millennials are “pushing off major life milestones” such as marriage, having a child or buying a house due to the cornavirus pandemic, says a new report.
While the coronavirus pandemic is affecting most Americans in a major way, millennials are reporting the biggest impact on their finances, according to a survey published Wednesday by personal finance software company Quicken.
25 percent of millennials said their finances had been significantly impacted negatively by the virus, which was the highest percent by generation.
33 percent of millennials reported that they lost their job or had their hours at work reduced due to COVID-19, while 38 percent said another member of their household had as well.
To better understand the impact of the #pandemic on Americans' personal finances, we conducted a #survey earlier this month of more than 1,300 adults in the U.S. #Quicken #coronavirus #personalfinances https://t.co/t7H8mS2nDk pic.twitter.com/A7jRm1AMZh
— Quicken (@Quicken) May 1, 2020
Millennials are also delaying major life milestones more than other generations because of COVID-19, including:
- 8 percent of millennials postponed their wedding
- 23 percent of millennials are putting off buying a house anytime soon
- 13 percent of millennials are putting off having a child
“The millennial generation struggled ahead of the pandemic to save for retirement,” the report said, “and far fewer owned a home than generations before them. The current economic conditions are likely to only exacerbate those trends.”
Overall, a total of 62 percent of respondents said the coronavirus has had a negative impact on their finances.
“The financial repercussions of the coronavirus crisis can’t be overstated,” said Eric Dunn, CEO of Quicken. “Just 4% 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.”