Has the pandemic made you rethink the way you handle your money?
Whether you save your money or spend it, there are ways most of us can change the way we handle our finances. The study revealed the federal student loan forbearance made an impact on their ability to save money during the pandemic. 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.
Research shows millennials are leaving cities and buying homes in suburbs
The study from investment management firm Cowen and Company shows among the 2,700 people Cowen surveyed, 48% of Millennials reported living in the suburbs compared with 44% in 2019. Those who reported living in cities fell to 35%, down from 38% last year. Cowen saw a similar trend among Generation Z respondents, or those aged 18-24: 49% reported living in the suburbs, up from 41% in 2019. In fact, home ownership is rising among both Gen Z and Millennials, Cowen found: 30% of 18- to 24-year-olds say they own their homes, up from 19% last year and 48% of Millennials say they’re home-owners, a 1% increase since 2019. Even more evidence of this comes from a Pew Research study from July found that showed one in five Americans moved during the pandemic or knows someone who did.