The percentage of consumers reporting their household income has been negatively impacted by the COVID-19 epidemic has been stable during the past the three weeks. However, there has been a negative trend among consumers 45 years and older. This group started the period with a comparatively lower percentage of respondents reporting a negative impact (38% vs 69%), but the proportion of these respondents reporting a negative impact has risen significantly (48% vs. 66%).
Despite this, Millennials (those born between 1980 and 1994) appear to be the most pinched: 70% say their household income is being negatively impacted, compared to 62% of Generation Z (those born from 1995 onwards), 59% of Gen X (those born between 1965 and 1979), and 43% for Baby Boomers (those born between 1944 and 1964).
This is perhaps influenced by the extra level of flexibility family provides to the youngest borrowers: 32% of Generation Z respondents who state that their income is being negatively impacted include ‘friends and family’ in their fallback plans. This compares to 29% of Millennials, 20% of Generation X and 17% of Baby Boomers.
Millennials find themselves less likely to fall back on savings, with 33% mentioning this in their plans – the lowest of any generation.