The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
In the face of both the COVID-19 pandemic and an economic recession, Millennials and Gen Zers are learning just how crucial it is to build a savings that they can rely on.
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In a new survey by Travis Credit Union, 3 out of 4 said that coronavirus will shape their financial habits moving forward. But what were their savings habits like prior to the crisis, and how have they helped during this time of uncertainty? Highlights include:
- 64% have an emergency fund with an average of $23,950 saved
- 39% have had to use their savings to stay afloat during COVID-19, most often for food and utilities
- On average, young Americans could survive an average of 4.5 months with their emergency savings
Take a look at the full study and let me know if you’re interested in sharing this with your audience or have any questions I can answer.