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Debt.com and Florida Atlantic University Survey: The Youngest and Oldest American Adults Were Hit Hardest Financially By The Pandemic
Members of Gen Z drained their savings, while the Silent Generation racked up credit card debt.
A joint survey of more than 1,000 U.S. adults conducted by Debt.com and Florida Atlantic University’s Business and Economic Polling Initiative found that two generations on polar sides of the spectrum were slammed the hardest financially by the pandemic.
When asked, “Did the COVID-19 pandemic cause you to withdraw money from your emergency savings account than you otherwise would have?” Nearly 3 in 4 of Gen Z (ages 18-24) answered yes. Not far behind, 61 percent Silent Generation (75 years old and up) respondents also answered yes.
This is how the data breaks down by all generations:
Gen Z (ages 18-24): 72 percent
Millennials (ages 25-39): 51 percent
Gen X (ages 40-54): 45 percent
Baby Boomers (ages 55-74): 29 percent
Silent Generation (ages 75 and older): 61 percent
More than half (57 percent) of Gen Z respondents said they stopped making credit card payments. Meanwhile those in the Silent Generation took on more credit card debt, with 1 in 3 reporting they owe more than $30,000, and nearly 5 percent are burdened with $50,000 worth of credit card debt.
“The pandemic’s economic shock – and its after-effects – is affecting the oldest and youngest adults in America the most,” says Debt.com Chairman Howard Dvorkin, CPA. “Younger Americans were already falling further behind financially and delaying life goals thanks to things like student loan debt. Now they are even further behind because of COVID. Not only do they have less savings, but large numbers also reported that they lost income and took on credit card debt as a result of the pandemic.”
Is your financial situation today better or worse than in March of 2020 when COVID-19 was declared a national emergency?
Percentage of respondents
Much better
15.7%
Somewhat better
23.0%
About the same
34.6%
Somewhat worse
14.8%
Much worse
11.9%
Is your financial situation today better or worse than in March of 2020 when COVID-19 was declared a national emergency? By Generation
Much better
Somewhat better
About the same
Somewhat worse
Much worse
Ages 18-24
35.8%
20.0%
34.2%
4.2%
5.8%
Ages 25-39
17.6%
31.6%
24.6%
19.5%
6.6%
Ages 40-54
9.5%
28.0%
40.3%
12.8%
9.5%
Ages 55-74
14.2%
18.3%
40.0%
18.3%
9.2%
Ages 75+
4.4%
2.2%
34.4%
7.8%
51.1%
Total
15.7%
22.9%
34.8%
14.7%
11.9%
Is your financial situation today better or worse than in March of 2020 when COVID-19 was declared a national emergency? By Region
Much better
Somewhat better
About the same
Somewhat worse
Much worse
Northeast
16.0%
28.2%
42.0%
5.9%
8.0%
Midwest
16.2%
20.8%
38.1%
15.7%
9.1%
South
11.7%
22.0%
37.2%
15.5%
13.6%
West
22.6%
22.6%
19.8%
20.3%
14.7%
Total
15.7%
23.0%
34.6%
14.8%
11.9%
Do you have an emergency savings account? By Generation
Yes
No
Ages 18-24
70.8%
29.2%
Ages 25-39
77.9%
22.1%
Ages 40-54
72.4%
27.6%
Ages 55-74
73.9%
26.1%
Ages 75+
65.6%
34.4%
Total
73.5%
26.5%
Do you have an emergency savings account? By Region
Yes
No
Northeast
73.9%
26.1%
Midwest
79.3%
20.7%
South
70.9%
29.1%
West
73.3%
26.7%
Total
73.6%
26.4%
How much have you saved in your emergency savings account?
Percentage of respondents
$0
22.3%
$0 to $500
12.3%
$501 to $2,500
15.2%
$2,501 to $10,000
20.6%
$10,001 to $30,000
15.8%
More than $30,000
13.8%
How much have you saved in your emergency savings account? By Generation
$0
$0 to $500
$501 to $2,500
$2,501 to $10,000
$10,001 to $30,000
More than $30,000
Ages 18-24
34.7%
19.0%
14.9%
17.4%
9.9%
4.1%
Ages 25-39
17.5%
9.9%
19.0%
27.4%
14.2%
12.0%
Ages 40-54
19.8%
12.8%
18.1%
27.2%
8.6%
13.6%
Ages 55-74
21.8%
10.2%
10.9%
14.6%
19.7%
22.8%
Ages 75+
30.0%
15.6%
10.0%
6.7%
35.6%
2.2%
Total
22.4%
12.2%
15.2%
20.6%
15.9%
13.7%
How much have you saved in your emergency savings account? By Region
$0
$0 to $500
$501 to $2,500
$2,501 to $10,000
$10,001 to $30,000
More than $30,000
Northeast
24.1%
11.8%
19.8%
24.6%
9.6%
10.2%
Midwest
20.2%
8.6%
14.6%
23.7%
17.7%
15.2%
South
21.7%
16.0%
11.9%
16.0%
17.2%
17.2%
West
23.9%
8.7%
18.3%
23.4%
16.5%
9.2%
Total
22.3%
12.2%
15.3%
20.6%
15.8%
13.8%
Did the COVID-19 pandemic cause you to withdraw money from your emergency savings account than you otherwise would have? By Generation
Yes
No
Ages 18-24
71.7%
28.3%
Ages 25-39
50.9%
49.1%
Ages 40-54
44.9%
55.1%
Ages 55-74
29.2%
70.8%
Ages 75+
60.7%
39.3%
Total
46.5%
53.5%
Did the COVID-19 pandemic cause you to withdraw money from your emergency savings account than you otherwise would have? By Region
Yes
No
Northeast
54.3%
45.7%
Midwest
34.8%
65.2%
South
47.0%
53.0%
West
49.3%
50.7%
Total
46.5%
53.5%
Which is higher: The amount of credit card debt you have or the money in your emergency savings account?
Percentage of respondents
Credit card debt
35.5%
The money in my emergency savings fund
47.5%
No credit card debt and no savings
11.1%
Don’t know
5.9%
Which is higher: The amount of credit card debt you have or the money in your emergency savings account? By Generation
Credit card debt
The money in my emergency savings fund
No credit card debt and no savings
Don’t know
Ages 18-24
56.2%
26.4%
14.0%
3.3%
Ages 25-39
36.6%
52.4%
7.7%
3.3%
Ages 40-54
42.6%
49.6%
2.5%
5.4%
Ages 55-74
24.4%
59.0%
10.5%
6.1%
Ages 75+
22.2%
17.8%
41.1%
18.9%
Total
35.6%
47.5%
11.0%
6.0%
Which is higher: The amount of credit card debt you have or the money in your emergency savings account? By Region
Credit card debt
The money in my emergency savings fund
No credit card debt and no savings
Don’t know
Northeast
47.3%
41.0%
10.6%
1.1%
Midwest
23.9%
65.5%
6.6%
4.1%
South
35.4%
46.7%
9.8%
8.1%
West
35.9%
38.7%
18.0%
7.4%
Total
35.5%
47.5%
11.1%
5.9%
Methodology: Data was collected Oct. 1-20, 2021, from 1,022 Americans over the age of 18, using a mixed mode sample of online, cell phone and telephone participants. All respondents interviewed in this study were part of either a fully representative sample using mixed mode random stratified probabilistic sampling and a non-probability panel sample. The credibility interval for the sample is +/- 3.065% in 19 of 20 cases.
