Three in five American millennials in a new survey reported that the coronavirus pandemic has had a positive effect on their finances, Money Under 30, a personal finance site, reported Monday.
Sixty-nine percent of respondents said they had spent less money overall during the lockdown, with the biggest savings coming in these areas:
- Eating out – 52%
- Transportation – 47%
- Nights out drinking – 30%
- Vacations – 28%
- Gym membership – 21%
“It seems that a lot of millennials didn’t get the recession memo,” Money Under 30’s managing editor Rebecca Greig said in a statement.
“For the Avocado Toast generation, who value experiences over material wealth, it’s unsurprising that they made the biggest savings on going out, whether on barista-brewed coffee, dinner and cocktails or the Uber ride home after a night of bar-hopping.”
SurveyMonkey conducted online survey across all U.S. states in mid-May among 2,131 adults, ages 18–39.
(Related: Did Retirees Flee Market Due to Coronavirus?)
The survey did find a significant uptick in online shopping among respondents, with 40% saying they had done so out of boredom and 20% because of depression. Fifty-seven percent of online shoppers said they had bought nonessential items during the pandemic and 53% groceries.
Who was splurging online during the pandemic? The survey results showed that 62.5% of men who worked from home spent money on online shopping (not including groceries), compared with 58% of women.
The gender gap showed up in another area: 64% of women in the survey said they were thinking about their finances, versus 57% of men.
Investing Is Best
In a major finding, 61% of millennials surveyed said now was a good time to invest.
This was especially the case for respondents on the younger end of the age spectrum: 70% of under-30s said they were interested in learning how to invest, compared with 55% of those 30 and older.
Twenty percent of millennials said they planned to start investing because of the pandemic, with 82% of men in this cohort saying they were interested in learning more about investing or doubling down on existing investments, compared with 72% of women.