TD Bank, America’s Most Convenient Bank, announced that more than a third of millennials report COVID-19 has negatively impacted their checking account balance, according to the results of the latest TD Money Matters Survey.
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The survey, which polled more than 1,000 U.S. consumers to learn more about their financial behaviors and credit habits during the pandemic, found that millennials were much more likely than Gen Xers and boomers (31% and 17%, respectively) to report their checking account balance is decreasing.
Given that information, it’s no surprise that the ability for people to save has also been hindered by the pandemic, as nearly 60% of respondents are not currently saving money. Of those respondents, more than half (54%) are millennials.
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However, the pandemic has not been negative for everyone. Of those fortunate enough to save money, 38% are saving on average an extra $1,127 per month due to a decrease in expenses, including dining out and travel.
Struggling with Saving
COVID-19 has placed additional strain on a generation already saddled with significant debt and increased living costs. More than 28% of millennials said they tapped into their emergency savings during the pandemic. Furthermore, one-in-five (20%) millennials don’t even have a savings account.
“A healthy savings account is key to planning for milestone moments and unexpected hardships,” said Lindsay Sacknoff, Head of Consumer Deposits, Products and Payments, TD Bank. “With COVID-19, many people are experiencing unplanned circumstances. This is a good time to take stock of spending and saving habits, create new financial goals and stick with them.”
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