What You Need to Know
- The survey participants all had an annual income from $35,000 to $99,999.
- The Gen X participants had the biggest problems with emergency savings.
- The Gen Z participants earned more than typical Americans their age.
The COVID-19 pandemic may have hit successful young adults hard.
Many high-income adult members of “Generation Z” — people who are now ages 18 to 24 — told CUNA Mutual recently that they faced setbacks as a result of the pandemic.
CUNA Mutual is a Madison, Wisconsin-based group of insurance, investment and financial services companies that has its roots in the credit union industry.
The company hired an outside firm to conduct an online survey in April. The main sample included about 1,000 U.S. adults ages 18 or older. All participants in the sample had to have an annual income of $35,000 to $99,999.
The survey firm CUNA Mutual hired bases its generational categories on the following birth-year ranges:
- Generation Z: 1997 or later
- Millennial: 1981-1996
- Generation X: 1964-1980
- Baby Boomer: 1946-1964
The survey firm is not yet routinely surveying members of Generation Alpha — children born around 2010 or later.
The sample income criteria may affect the nature of the responses for members of Gen Z: People under 25 who are already earning than $35,000 per year may be on an especially good financial track.