Finances of Gen Xers, Millennials Hit Hardest by Pandemic: Study

Millennials and Gen Xers in the survey were likelier than older respondents to say their feelings of financial security decreased during the pandemic. In addition, millennials indicated that they have shifted their priority to short-term financial goals, with 64% saying they tend to plan financially for less than one year in the future. 

Older generations are more confident in their financial security, including two-thirds of early boomers who said they are on track for a financially secure retirement.

"These findings are particularly worrisome for Millennials, who are focused on short-term issues instead of longer-term goals like preparing for retirement and the risks that could arise," Levering said. "It may seem far away now, but the earlier you start planning for retirement, the more financially secure you'll be in the future."

Forty-eight percent of millennials and 35% of Gen Xers reported that debt is complicating their finances. This compared with 20% of late boomers, 16% of early boomers and 14% of older people.

Forty percent of millennials reported that they had experienced job loss or a pay decrease during the pandemic, compared with 33% of Gen Xers and 21% of late boomers. 

In addition, 35% of workers across generations said they have changed or considered changing when they plan to retire as a result of the pandemic, with most of these respondents delaying their retirement.