Iran Press/ America: A joint survey by PYMNTS & LendingClub found that 60.1% of surveyed consumers were living within tight financial budgets, with millennials - those between the ages of 27 and 42 - making up 73.2% of the surveyed group.
Officials also determined the financial strain also befell 64.2% of Generation X and 49.5% of baby boomers. Generation Z, which accounts for those born between 1997 and 2012, made up 65.5% of individuals dealing with money restrictions - an 8% increase from the year prior.
Baby boomers are described as any individual between 1946 and 1964, with Generation X accounting for others born from 1965 to 1980.
As for the reasons for such a distressing situation, most often (38.4%) respondents cited having salaries that were just enough to pay basic bills. However, more than a quarter of the respondents also indicated their situation was caused by the need to pay for other family members and "significant" accrued debts.
The financial strain for many was further complicated by the fact that many Americans lost their cash savings during the height of the COVID-19 pandemic when many lost their main source of income or had to take pay cuts to make ends meet.
Despite the financial hardships, the report also outlined that millennials are most capable of performing well in managing their finances as their average savings last month amounted to $11,000, up from $7,300 a year earlier. Overall, retirement and covering unforeseen emergencies were cited as the most significant reasons for creating savings.
The results of the report were collected from March 8-17 and based on a census-balanced survey of 3,363 US consumers.
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