Despite the circumstances of the global pandemic, millennials and Gen Z were more financially confident than they were before 2020. According to a survey conducted by OnePoll on behalf of Laurel Road, a digital banking platform of KeyBank, 6 in 10 (60%) within said age group are now more financially confident than they were before the onset of the pandemic.
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The poll asked 2,000 millennial and Gen Z Americans born between 1981 and 2003 about their new spending and saving habits. Respondents said they felt more financial confidence because of COVID-19.
The survey also found that these generations are changing how they manage their personal finances, Good News Network noted . About 58% of respondents created new savings goals because of changes in their spending habits. Additionally, over 30% confessed that they’re budgeting for the first time, while 39% are using new methods such as apps or spreadsheets to keep better track of their budgeting habits.
Millennials and Gen Z were also able to save more during the pandemic. The survey found that 61% were able to save at least $1,000 from the start of 2020 through the beginning of summer 2021, and one in ten saved over $5,000.
Savings surged during the pandemic as Americans cut back on spending and stimulus checks and unemployment benefits helped to boost income. The U.S. personal saving...
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