Millennials

Data Reveals Millennials Are Increasing Online Spending

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While 64 percent of Generation Z, 60 percent of Millennials, 58 percent of Generation X, and 63 percent of Baby Boomers reported reduced spending throughout the pandemic, Clutch’s latest research found spending decreases were found to have affected each generation differently. Millennials, the company said, have been seen shifting spending habits to consider present concerns rather than focusing on the future.

In the early weeks of the pandemic, the company’s survey showed 60 percent of Millennials were spending less overall, though spending more on groceries, alcohol, restaurants, and health and beauty. Cost savings and increases are in part due to wide restrictions put on lifestyles. In fact, 40 percent of Millennials reported having increased grocery expenses during the pandemic. However, the company also found Millennials are saving money due to travel restrictions. Twenty-three percent have canceled existing travel plans and an additional 32

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Millennials had barely recovered from the Great Recession. Then came the pandemic.

A generation of young adults who came of age during the Great Recession — in what was then the worst economy and job market since the Depression — are now finding that their wobbly recession-era start is compounding the financial woes the pandemic is inflicting.

Credit counselors say there has been a perfect storm of stagnant wages, soaring student debt and — because of those hindrances — a lack of wealth-building through home equity and stock market investment that previous generations were able to achieve.

“The combination of two recessions and a student loan crisis make it really hard to make ends meet in America,” said Rohan Pavuluri, who in 2016 co-founded Upsolve, a nonprofit, app-based platform that helps people who can’t afford the legal fees file for bankruptcy.

Since mid-March, Pavuluri said that 40 percent of the people citing job loss as the reason for a bankruptcy filing say

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