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Coronavirus hitting millennials' finances the hardest: TransUnion

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The coronavirus pandemic has had a greater impact on the finances of millennials than other age groups.

Sixty-nine percent of American millennials — those between the ages of 26 and 40 — said their household income had been negatively affected by the outbreak, according to a TransUnion survey released Thursday. That’s compared with 58% for other generations.

About three quarters of millennials globally indicated their incomes had been reduced, while 64% of other generations had their earnings negatively affected, the survey found. The worldwide numbers include responses from thousands of consumers in the U.S., Canada, United Kingdom, India, South Africa, Colombia and Hong Kong.

Of those who said their income had been negatively impacted, 22% of U.S. millennials said they have lost their jobs, 6 percentage points higher than other generations, and almost half said their work hours had been reduced, compared with 32% for other groups.

Millennials are also more concerned about being able to pay for housing. Of those in that demographic who said their earnings had been reduced, 61% in the U.S. said they will not be able to pay their mortgage or rent, compared with 57% for other generations.

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Coronavirus Consumer banking Mortgages Transunion Economy