5 ways coronavirus is changing millennials' money habits more than any other generation

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Coronavirus may put most millennials at less physical risk than older generations, but it may be changing the generation's spending habits more.

They're already cutting back on spending in case coronavirus leads to a recession, and they're taking the shopping they are doing online to avoid going out in public. They're also taking advantage of delivery apps more than usual.

And when it comes to affording coronavirus treatment and screening, many millennials are worried. More than one-third of insured millennials aren't confident they could handle costs, according to a First Insight survey, and they said they might have to borrow money from family or the bank to afford it.

But not all millennials are as concerned about coronavirus or practicing social distancing. Some are capitalizing on cheap coronavirus flights to see the world or take a vacation.

Here's how coronavirus is affecting millennials' financial behavior.

1. Millennials are cutting back on spending in the event of a coronavirus-related recession.

Millennials — and Gen Z — are tightening their wallets as coronavirus sparks recession fears

While those of all generations are concerned about the financial effects of the coronavirus, "millennials' behavior is changing more dramatically than any other generation," Greg Petro, CEO of retail predictive analytics company First Insight, told CNBC's Lauren Thomas. "They are going to cut their spending."

Over half (54%) of millennials surveyed said the coronavirus has impacted their purchase decisions — more than any other generation, according to a First Insight survey published on February 28. It's caused 40% of millennials to say they're cutting back on spending in preparation for coronavirus.

Read the Full Article at Business Insider

Coronavirus  COVID-19  Consumer Purchase Behavior  Purchase Decisions  BOPIS  Shopping Behavior

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