Has the pandemic made you rethink the way you handle your money?

Whether you save or spend, experts say there are ways to handle our finances

Tough times have a way of putting things in perspective for people.

And for many young adults, financial hardships caused by COVID-19 have been a real eye-opener.

Whether you save your money or spend it, there are ways most of us can change the way we handle our finances.

A new survey from studyfinds.org shows 2020 has been an insightful year for young Americans when it comes to money.

According to a study conducted by OnePoll on behalf of Laurel Road, Gen Z Americans and millennials were asked about how the pandemic has affected their personal finances.

More than half said they wish they did a better job handling their money during the pandemic.

60% said they want to improve their budgeting skills, but aren’t sure where to begin.

The study revealed the federal student loan forbearance made an impact on their ability to save money during the pandemic.

Researchers say quarantine also finally allowed them the time to think about their student loan financing options.

Out of the two generations, the study showed millennials are more likely to feel they handled their money poorly.

Millennials are also more open to spending their money on personal wellness and professional development.

Researchers say only one in five of the respondents would use extra money to pay off student loan debt.

And a quarter say they would invest in personal wellness, or even the stock market.

About the Authors:

Gretchen Nowroozi was born and raised in Houston. She started working at KSAT as an intern in 2019 after graduating from Michigan State University. She is a producer for Good Morning San Antonio.

David Sears, a native San Antonian, has been at KSAT for more than 20 years.