Young Americans Are Cutting Spending More than Older Americans
April 2, 2020
Concerns over the impact of the coronavirus have Americans of all ages reconsidering their spending habits, but younger Americans are more likely to due so than older ones. A recent survey from First Insight found that millennials, at 54%, are the largest cohort who says the virus has impacted their purchasing decision. Just 42% of Gen X and 33% of baby boomers say they have done the same.
While 40% of millennials have actually cut spending, 41% of their younger counterpart in Gen Z have cut back.
First Insight’s CEO explains that this is because millennials and Gen Z grew up during the 2008 recession. Millennials in particular, who graduated and entered the workforce at the height of the financial collapse, are financially behind and still trying to build wealth.