5 Best Financial Habits Changes During Coronavirus
Representatives of almost all generations are concerned about the threat of coronavirus. However, it is the millennials who change their financial habits most of all generations due to the epidemic of coronavirus.
During coronavirus, Young people try to buy more online, so as not to leave home and not to deal with potential carriers of the virus. Millennials (USA) are also concerned about the financial side of the pandemic.
That is, in the event of a virus infection, they are not sure that they can cover all the necessary costs. They also hope for the help of financial instruments, such as bank lending; at other times they have the opportunity to borrow money from one of their family members. It is very important to change your Financial Habits Changes During Coronavirus quarantine.
5 Best Financial Habits Changes During Coronavirus
The other side of the pandemic has been a surge in travel demand. Many are ready to take the chance to see the world gladly: they buy sharply cheaper plane tickets and plan trips.
1. Millennials cut their spending in preparation for the likely financial crisis associated with the spread of the virus
Young people around the world are cutting costs, fearing the economic consequences of the coronavirus, in particular a recession in the economy.
Many do not just cut costs, but begin to put off in case they nevertheless become one of the infected and cannot afford expensive treatment.
2. Millennials choose online shopping Habits Changes During Coronavirus
Young people have become more likely to use applications and sites for shopping. According to American experts, 39% of young people are less likely to shop in stores. 30% said they were more likely to shop online.
These purchases also include food purchases. In general, there has been a significant increase in this area recently: buying food online with home delivery is becoming very popular all over the world.
Coronavirus is changing millennials money habits
3. Young people are more likely to use applications for the delivery of goods or other services
30% of American youth, according to studies, have become more likely to use applications that provide delivery services or other services online. Also, applications that provide contactless food delivery services have become popular.
In this case, the couriers leave the products under the door or in the place where the customer says to deliver. Buyers pick up purchases at their convenience.
4. Some millennials buy cheaper tickets during Coronavirus
Despite the fact that many people cancel trips, hand over tickets, or change directions, some are not afraid of the coronavirus.
They take this opportunity and buy cheaper plane tickets. Now that the coronavirus epidemic is in full swing, many airlines are lowering ticket prices and offering more flexible conditions for buying tickets to certain destinations.
5. Began to use alternative sources of payment of medical expenses associated with coronavirus is another Financial Habits Change
Almost half of the insured Americans believe that they cannot afford to get coronavirus, as their savings are not enough for treatment. However, it is young people who are most concerned about the cost of treatment for coronavirus.
Among young people aged 18 to 34 years, only 35% are sure that they will be able to afford the expenses associated with the treatment of coronavirus. For comparison, among those over 55, only 24% are not worried about treatment costs.
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