COVID-19 has had a massive impact on the spending and savings of people across generations, but no group more so than Millennials, (those aged 25 to 44), according to
Globally, Millennials are the most likely to be struggling to meet day-to-day expenses (41 percent) and report higher levels of borrowing in the last month (35 percent).
Yet, faced with these challenges, the pandemic has galvanized this generation to better prepare for their financial future, encouraging Millennials to make changes to how they manage their money.
The study of 12,000 adults across 12 markets -
While the first survey focused on the pandemic's impact on earnings, and the second looked at changing spending habits, the final survey provides new insights into how the global health crisis has altered the way people are managing their money day-to-day, in pursuit of their long-term goals.
In
Given these challenges, it is unsurprising that 64 percent of Kenyans report an increase in their borrowing in the past month, the highest out of all markets surveyed. Kenyans are also the most likely (93 percent), globally, to say they want to be better at managing their finances.
Commenting on the poll, Standard Chartered Head of Retail Banking,
"33 percent of Millennials in
To meet these ambitions, Chumba added that, "Millennials in
Of those who have used new ways to manage their money since the start of COVID-19, most people globally have had a positive experience. While
But this embrace of new technology to help manage money amid the current economic turmoil may be why Millennials are more confident than older generations that they can achieve their long-term financial goals.
One-third of
In contrast, only 22 percent of those over 45 in
Meanwhile, across all generations, the pandemic has made people more careful with their saving and spending and less likely to splurge.
When asked what they would do, if given the equivalent of £1,000 by their Government with no strings attached, the most common responses globally were to use the money to pay off debt, cover day-to-day expenses or save for the long-term.
In
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