Members of Gen Z drained their savings, while the Silent Generation racked up credit card debt.
A joint survey of more than 1,000 U.S. adults conducted by Debt.com and Florida Atlantic University’s Business and Economic Polling Initiative found that two generations on polar sides of the spectrum were slammed the hardest financially by the pandemic.
When asked, “Did the COVID-19 pandemic cause you to withdraw money from your emergency savings account than you otherwise would have?” Nearly 3 in 4 of Gen Z (ages 18-24) answered yes. Not far behind, 61 percent Silent Generation (75 years old and up) respondents also answered yes.
This is how the data breaks down by all generations:
- Gen Z (ages 18-24): 72 percent
- Millennials (ages 25-39): 51 percent
- Gen X (ages 40-54): 45 percent
- Baby Boomers (ages 55-74): 29 percent
- Silent Generation (ages 75 and older): 61 percent
More than half (57 percent) of Gen Z respondents said they stopped making credit card payments. Meanwhile those in the Silent Generation took on more credit card debt, with 1 in 3 reporting they owe more than $30,000, and nearly 5 percent are burdened with $50,000 worth of credit card debt.
“The pandemic’s economic shock – and its after-effects – is affecting the oldest and youngest adults in America the most,” says Debt.com Chairman Howard Dvorkin, CPA. “Younger Americans were already falling further behind financially and delaying life goals thanks to things like student loan debt. Now they are even further behind because of COVID. Not only do they have less savings, but large numbers also reported that they lost income and took on credit card debt as a result of the pandemic.”
For more information, read the full Americans’ Views on Their Personal Finances Before and After COVID-19 Report and infographic.
The oldest and youngest respondents were most likely to tap into emergency savings
Those emergency funds may not have been enough to cover credit card payments
7 in 10 Gen Z respondents took on more credit card debt due to the pandemic
The Silent Generation is most likely to carry more than $30,000 worth of credit card debt
Only 4 in 10 Americans in the Midwest lost income due to the pandemic
Less than 3 in 10 Midwesterners took on more credit card debt during the peak of the pandemic
| Is your financial situation today better or worse than in March of 2020 when COVID-19 was declared a national emergency? | Percentage of respondents |
|---|---|
| Much better | 15.7% |
| Somewhat better | 23.0% |
| About the same | 34.6% |
| Somewhat worse | 14.8% |
| Much worse | 11.9% |
| Is your financial situation today better or worse than in March of 2020 when COVID-19 was declared a national emergency? By Generation | Much better | Somewhat better | About the same | Somewhat worse | Much worse |
|---|---|---|---|---|---|
| Ages 18-24 | 35.8% | 20.0% | 34.2% | 4.2% | 5.8% |
| Ages 25-39 | 17.6% | 31.6% | 24.6% | 19.5% | 6.6% |
| Ages 40-54 | 9.5% | 28.0% | 40.3% | 12.8% | 9.5% |
| Ages 55-74 | 14.2% | 18.3% | 40.0% | 18.3% | 9.2% |
| Ages 75+ | 4.4% | 2.2% | 34.4% | 7.8% | 51.1% |
| Total | 15.7% | 22.9% | 34.8% | 14.7% | 11.9% |
| Is your financial situation today better or worse than in March of 2020 when COVID-19 was declared a national emergency? By Region | Much better | Somewhat better | About the same | Somewhat worse | Much worse |
|---|---|---|---|---|---|
| Northeast | 16.0% | 28.2% | 42.0% | 5.9% | 8.0% |
| Midwest | 16.2% | 20.8% | 38.1% | 15.7% | 9.1% |
| South | 11.7% | 22.0% | 37.2% | 15.5% | 13.6% |
| West | 22.6% | 22.6% | 19.8% | 20.3% | 14.7% |
| Total | 15.7% | 23.0% | 34.6% | 14.8% | 11.9% |
| Do you have an emergency savings account? By Generation | Yes | No |
|---|---|---|
| Ages 18-24 | 70.8% | 29.2% |
| Ages 25-39 | 77.9% | 22.1% |
| Ages 40-54 | 72.4% | 27.6% |
| Ages 55-74 | 73.9% | 26.1% |
| Ages 75+ | 65.6% | 34.4% |
| Total | 73.5% | 26.5% |
| Do you have an emergency savings account? By Region | Yes | No |
|---|---|---|
| Northeast | 73.9% | 26.1% |
| Midwest | 79.3% | 20.7% |
| South | 70.9% | 29.1% |
| West | 73.3% | 26.7% |
| Total | 73.6% | 26.4% |
| How much have you saved in your emergency savings account? | Percentage of respondents |
|---|---|
| $0 | 22.3% |
| $0 to $500 | 12.3% |
| $501 to $2,500 | 15.2% |
| $2,501 to $10,000 | 20.6% |
| $10,001 to $30,000 | 15.8% |
| More than $30,000 | 13.8% |
| How much have you saved in your emergency savings account? By Generation | $0 | $0 to $500 | $501 to $2,500 | $2,501 to $10,000 | $10,001 to $30,000 | More than $30,000 |
|---|---|---|---|---|---|---|
| Ages 18-24 | 34.7% | 19.0% | 14.9% | 17.4% | 9.9% | 4.1% |
| Ages 25-39 | 17.5% | 9.9% | 19.0% | 27.4% | 14.2% | 12.0% |
| Ages 40-54 | 19.8% | 12.8% | 18.1% | 27.2% | 8.6% | 13.6% |
| Ages 55-74 | 21.8% | 10.2% | 10.9% | 14.6% | 19.7% | 22.8% |
| Ages 75+ | 30.0% | 15.6% | 10.0% | 6.7% | 35.6% | 2.2% |
| Total | 22.4% | 12.2% | 15.2% | 20.6% | 15.9% | 13.7% |
| How much have you saved in your emergency savings account? By Region | $0 | $0 to $500 | $501 to $2,500 | $2,501 to $10,000 | $10,001 to $30,000 | More than $30,000 |
|---|---|---|---|---|---|---|
| Northeast | 24.1% | 11.8% | 19.8% | 24.6% | 9.6% | 10.2% |
| Midwest | 20.2% | 8.6% | 14.6% | 23.7% | 17.7% | 15.2% |
| South | 21.7% | 16.0% | 11.9% | 16.0% | 17.2% | 17.2% |
| West | 23.9% | 8.7% | 18.3% | 23.4% | 16.5% | 9.2% |
| Total | 22.3% | 12.2% | 15.3% | 20.6% | 15.8% | 13.8% |
| Did the COVID-19 pandemic cause you to withdraw money from your emergency savings account than you otherwise would have? By Generation | Yes | No |
|---|---|---|
| Ages 18-24 | 71.7% | 28.3% |
| Ages 25-39 | 50.9% | 49.1% |
| Ages 40-54 | 44.9% | 55.1% |
| Ages 55-74 | 29.2% | 70.8% |
| Ages 75+ | 60.7% | 39.3% |
| Total | 46.5% | 53.5% |
| Did the COVID-19 pandemic cause you to withdraw money from your emergency savings account than you otherwise would have? By Region | Yes | No |
|---|---|---|
| Northeast | 54.3% | 45.7% |
| Midwest | 34.8% | 65.2% |
| South | 47.0% | 53.0% |
| West | 49.3% | 50.7% |
| Total | 46.5% | 53.5% |
| Which is higher: The amount of credit card debt you have or the money in your emergency savings account? | Percentage of respondents |
|---|---|
| Credit card debt | 35.5% |
| The money in my emergency savings fund | 47.5% |
| No credit card debt and no savings | 11.1% |
| Don’t know | 5.9% |
| Which is higher: The amount of credit card debt you have or the money in your emergency savings account? By Generation | Credit card debt | The money in my emergency savings fund | No credit card debt and no savings | Don’t know |
|---|---|---|---|---|
| Ages 18-24 | 56.2% | 26.4% | 14.0% | 3.3% |
| Ages 25-39 | 36.6% | 52.4% | 7.7% | 3.3% |
| Ages 40-54 | 42.6% | 49.6% | 2.5% | 5.4% |
| Ages 55-74 | 24.4% | 59.0% | 10.5% | 6.1% |
| Ages 75+ | 22.2% | 17.8% | 41.1% | 18.9% |
| Total | 35.6% | 47.5% | 11.0% | 6.0% |
| Which is higher: The amount of credit card debt you have or the money in your emergency savings account? By Region | Credit card debt | The money in my emergency savings fund | No credit card debt and no savings | Don’t know |
|---|---|---|---|---|
| Northeast | 47.3% | 41.0% | 10.6% | 1.1% |
| Midwest | 23.9% | 65.5% | 6.6% | 4.1% |
| South | 35.4% | 46.7% | 9.8% | 8.1% |
| West | 35.9% | 38.7% | 18.0% | 7.4% |
| Total | 35.5% | 47.5% | 11.1% | 5.9% |
Methodology: Data was collected Oct. 1-20, 2021, from 1,022 Americans over the age of 18, using a mixed mode sample of online, cell phone and telephone participants. All respondents interviewed in this study were part of either a fully representative sample using mixed mode random stratified probabilistic sampling and a non-probability panel sample. The credibility interval for the sample is +/- 3.065% in 19 of 20 cases.
