In 2020, one quarter of Gen Zers in the United States started financial planning for the first time during the COVID-19 pandemic, while only 11 percent of Baby boomers said the same. Two thirds of Americans who lost income during the pandemic didn't receive any financial support from the government.
Share of adults who were prompted by the COVID-19 pandemic to start financial planning in the United States in 2020, by generation
Characteristic
Share of respondents
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Gen Z (n=274), Millennials (n=619), Gen X (n=511), and Boomers (n=581)
Method of interview
Online survey
Supplementary notes
This question was phrased by the source as follows: "How has the market volatility and economic downturn prompted by the COVID-19 pandemic impacted your approach to financial planning?"
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Northwestern Mutual. (June 1, 2020). Share of adults who were prompted by the COVID-19 pandemic to start financial planning in the United States in 2020, by generation [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1178180/financial-planning-start-covid19-generation-usa/
Northwestern Mutual. "Share of adults who were prompted by the COVID-19 pandemic to start financial planning in the United States in 2020, by generation." Chart. June 1, 2020. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1178180/financial-planning-start-covid19-generation-usa/
Northwestern Mutual. (2020). Share of adults who were prompted by the COVID-19 pandemic to start financial planning in the United States in 2020, by generation. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1178180/financial-planning-start-covid19-generation-usa/
Northwestern Mutual. "Share of Adults Who Were Prompted by The Covid-19 Pandemic to Start Financial Planning in The United States in 2020, by Generation." Statista, Statista Inc., 1 Jun 2020, https://www.statista.com/statistics/1178180/financial-planning-start-covid19-generation-usa/
Northwestern Mutual, Share of adults who were prompted by the COVID-19 pandemic to start financial planning in the United States in 2020, by generation Statista, https://www.statista.com/statistics/1178180/financial-planning-start-covid19-generation-usa/ (last visited July 22, 2024)
Share of adults who were prompted by the COVID-19 pandemic to start financial planning in the United States in 2020, by generation [Graph], Northwestern Mutual, June 1, 2020. [Online]. Available: https://www.statista.com/statistics/1178180/financial-planning-start-covid19-generation-usa/
