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QuinStreet Inc | NASDAQ:QNST | NASDAQ | Common Stock |
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FOSTER CITY, Calif., Nov. 17, 2020 /PRNewswire/ -- There are many accounts of millennials moving back home with their parents, losing their jobs or being laid off. After inheriting a tough job market from the Great Recession, how has this age group been affected by the COVID-19 pandemic? The personal finance site, MyBankTracker.com, surveyed 1,001 Americans ages 25-34 to take a deeper look at how this generation has been impacted by the coronavirus.
Highlights
The pandemic adds to the financial challenges millennials face, but the analysis shows many are becoming resilient and turning a negative into a positive by reducing spending and building savings. This could have contributed to the recession, but it may be the smartest response for those facing economic hardship.
Four Out of Ten Millennials are Boosting Savings
Over 1/2 of Millennials Surveyed Reined in Spending By Choice or Necessity
While the epic recession affects every age group, it may hit millennials the hardest. They already hold a record amount of student loan debt and just when their careers should be gaining momentum, they've suffered a setback that may impact their financial well-being and retirement outlook for decades.
Nearly Three Out of Ten Millennials Took Emergency Financial Action
The survey shows millennials are finding ways to make ends meet during the recession. A total of 28.8%* of respondents report being forced to make at least one major financial move:
*These numbers total more than 28.8% because some millennials say they had to take more than one action.
Nearly 1/3 of Millennials Suffered a Job Setback
The weak job market impacted respondents in a variety of ways:
View the complete analysis: Millennials' Financial Habits Improved Due to COVID-19 Pandemic
Methodology
The study was conducted through Google Surveys on behalf of MyBankTracker from November 4-8, 2020 to October 2, 2020 with 1,001 respondents in the United States ages 25-34 with a standard deviation of +/- 7.4%.
The author of the study, Richard Barrington, is available for comment. He can provide insight into why millennials might be engaging in these patterns and what it could mean for their financial future. Barrington is a personal finance expert with more than 30+ years of experience in the financial industry.
About MyBankTracker
MyBankTracker is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the FinTech, financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. MyBankTracker is a member of QuinStreet's expert research and publishing division.
MyBankTracker is an independent comparison website helping consumers make smart banking and financial decisions. The mission is to match consumers to their perfect bank by providing and tracking in-depth information on more than 5,000 banks, credit unions and financial products. Using a combination of technology and money management expertise, MBT provides personal finance comparison tools and educates consumers to optimize their relationships with banks and lenders.
Twitter: @mybanktracker
Facebook: https://www.facebook.com/mybanktracker
Media contact
Amy Eury
Public Relations Manager
412-532-9352
aeury@quinstreet.com
LinkedIn
View original content to download multimedia:http://www.prnewswire.com/news-releases/mybanktracker-survey-millennials-financial-habits-improved-due-to-covid-19-301174000.html
SOURCE MyBankTracker.com
Copyright 2020 PR Newswire
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