*The following is excerpted from an online article posted on StudyFinds.
Gen Z and millennial Americans are “cashing in” on lost time due to the pandemic and applying new financial lessons from this ever-changing time.
A new survey polled 2,000 Gen Z and millennial Americans and looked at their new spending and saving habits during the ongoing impact of the pandemic. Nearly seven in 10 (69%) are getting back to spending money on things they missed because of COVID-19.
Additionally, three in four are focusing their spending on activities that allow them to catch up with friends and family.
When restrictions faded and re-openings began in early summer 2021, Gen Z and millennials took advantage, with 51 percent of respondents splurging on a trip. Another 49 percent have been spending money on fancy drinks and dinners at bars and restaurants.
Conducted by OnePoll on behalf of Laurel Road, a digital banking platform of KeyBank, the survey also finds 59 percent say that they’re spending more money now than they did before the pandemic and 58 percent created new savings goals because their spending habits have changed.
Still, almost six in 10 respondents agree they’re more financially confident than they were before the pandemic and credit their desire to be more financially responsible to COVID-19.
It’s translating to a shift in how Gen Z and millennial Americans manage their personal finances, as just over 30 percent admit they’re budgeting for the first time ever. A further 39 percent are using new methods, like apps or dedicated spreadsheets, to keep track of their budget.