Millennials’ Financial Plans Have Been Disrupted by COVID
August 4, 2020
The impact of the coronavirus has financial implications for all Americans, but for young Americans who were just getting on their feet financially, it may be devastating.
According to a new survey, nearly three-fourths of young millennials, here defined as those who are ages 24-29, say the virus has impacted their finances. More than half, 57%, say it has “derailed” their plans for financial independence.
The survey, conducted by TD Ameritrade, found that the most pressing issue for young millennials is housing expenses. More than one-third, 39%, of those surveyed said they either plan to or already have moved back into their parents’ home.
Even those who don’t move home are relying on their parents more. Aboout 15% say their parents are helping with rent, while another 15% say their parents have been paying the totality of their rent.
The survey also found that millennials are not happy about needing to receive support, with 82% saying they don’t want to have to rely on their parents.