The pandemic scenario led to high inflation and problems in the distribution and generation of food. In addition, jobs and technology were affected. In short, the cost of living has skyrocketed. According to new research published in the UK, millennials were the generation that most felt the effects of the economic downturn in their lives. Learn more about the relationship between millennials and cost of living.
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Relationship between millennials and cost of living
Millennials are born between 1981 and 1996. This group, therefore, already knows financial independence and, consequently, feels the impact of the cost of living – especially when comparing access to goods that the previous generation had. For this reason, they are the generation most dissatisfied with the impact of the economic crisis on their lifestyle. Learn more about published research:
What is the search about?
Carried out in the United Kingdom by the savings and investment application Moneybox, the survey interviewed 3,000 Britons to know the impact of the economic crisis on your lifestyle – and what alternatives are taken to circumvent the effects her. For this, the survey separated respondents according to the generation they belong to.
millennials opinion
More than half of millennials surveyed say they need to resort to alternatives to maintain their lifestyle with rising prices. 70% of this public stated that the cost of living crisis is affecting, in the medium and long term, their financial goals.
To circumvent the effects of the recession, about 65% of millennials surveyed said they are more concerned with planning and financial education. 53% of this audience say they have reduced luxury or leisure items.
In addition, for those who did not want to change their lifestyle at all, 52% said that provided a new parallel source of income, while 35% requested a salary increase from the employer.
Millennials' Financial Education: Is It Missing?
In the same survey, only 28% of members of the Millennial generation stated that they carry out financial planning, and only 27% have an emergency reserve. This indicator is very dangerous, after all, if they do not have employment insurance, the chances of default and bankruptcy can be considerable.
This statistic warns of the need to introduce financial education into the daily lives of these citizens. Added to this, there is the statement that 55% are anxious when planning their retirement, while 29% do not even think about that future.