With everything from gyms to travel either locked down or severely restricted, a new survey shows that young Americans were able to stow away some cash during the pandemic.
The non-scientific poll of 2,000 Gen Z and millennial Americans commissioned by the digital banking platform Laurel Road showed that 60% saved money during the lockdown times — but nearly 70% are spending again.
The poll noted that 61% of respondents managed to save at least $1,000 from the start of the pandemic through summer 2021; one in 10 saved over $5,000.
Thirty-eight percent of respondents said they were putting that extra dough towards paying off their student loans; 37% said they plan to go on vacation; 32% said they’ll pay their rent — (less than vacations: Millennials, amirite?) and 29% will pay off their credit cards.
Nearly 60% of those polled say they’re more financially confident because of the lockdown — with 30% saying it taught them to budget for the first time.
That will come in handy, seeing as 59% have made up for lost time by saying they’re spending more money now than before the pandemic.