A new poll shows the ‘outsized’ financial burdens faced by millennials

Emergency fund in the glass jar with cash.

By Ben Werschkul | Yahoo Finance | Dec 11, 2020

The new Harris Poll was commissioned by DailyPay, the Bipartisan Policy Center Funding Our Future campaign, and The Center for Financial Security at the University of Wisconsin. The survey was conducted online from Nov. 17-19 and surveyed 2,075 U.S. adults ages 18 and older, among whom 593 are millennials between the ages 24-39.

A third of millennials expect they’ll need to continue to work into their 70s based on a lack of saving. Only 35% of millennials say they’re on the right track to meet their retirement goals.

“An economy that was already difficult for young workers is getting even more challenging in some critical ways” noted Matthew Kopko, Vice President of Public Policy for DailyPay.

“This data shows the resilience of younger generations in the face of the second major economic shock of their financial lives,” added J. Michael Collins of the Center for Financial Security, referring to this year’s pandemic and the Great Recession of 2007-2009.

When it comes to student debt, 66% of respondents believe the government should forgive at least some federal debt. President-elect Joe Biden is under increasing pressure to do just that once he is inaugurated next month.

The survey also showed a divide with a quarter of young people suggesting that their savings have actually increased during the pandemic while 29% of those with only a high school education say they have no savings at all.

“The effects of this pandemic have been highly uneven,” Akabas noted about both millennials and Americans of all ages.

Read the full story at Yahoo Finance.