7 ways the Corona virus has changed the financial habits of the millennial generation

The Corona virus played a role in pushing the millennial generation to change spending habits more than other generations, as this generation started to cut spending in preparation for the stagnation that the Corona virus would cause, and individuals of this generation tended to shop online to avoid going out into public places. For the same reasons, Millennials are using delivery applications more than usual. 

Millennials also seem to benefit from lower share prices today, as they appear to be more inclined to contribute more money to equity-related investments than people born in the baby boom, according to a report published by the American Business Insider website by Hillary Hofofor.

In addition, it appears that this generation is ready to use state subsidies amid this crisis in investments or to pay for housing and study debt. 

Benefiting from cheap airline tickets
While many people canceled, postponed or changed the flights they booked for, some millennials benefited from cheap flights. Indeed, when the Corona virus destroyed air transport for the first time, airlines lowered ticket prices and introduced flexible ticket policies for some regions, thus many people from the millennials benefited from this situation to explore new destinations, enjoy a vacation, or visit a family. 

Reducing spending
While all generations worry about the financial implications of the Corona virus, the behavior of the millennials is changing more dramatically than in any other. 

More than half of the people of the millennial generation (54%) - who were surveyed by the First Insight website on February 28 - said that the Corona virus affected their purchasing decisions more than any other generation, and the virus had caused 40% They are to cut spending in preparation for the crisis that may result. 

Online shopping The
First Insight survey found that millennials also reduced personal shopping tours, with 39% of them saying that they had reduced shopping in stores, and 30% said they had been shopping a lot on the Internet instead, and that included shopping from Online grocery store, which has seen a surge in demand thanks to the Corona Virus crisis. 

The use of delivery applications and services,
citing Hillary Ross's statement to "Reuters" The Corona virus has contributed to a high demand for food delivery services that do not require a communication between people. Instead, delivery drivers leave meals on the doorstep, and food seekers send to the delivery person photos of where they want the food to be placed. By late March, most major delivery applications began to implement non-contact requests. 

Investing in the stock market
A recent poll conducted by BankWright and YouGov showed that millennials are more likely to invest, according to the survey. And 24% of the millennial generation contributed more to equity-related investments in response to stock market fluctuations, compared to only 5% of the elderly. They were also more likely to contribute more to equity-related investments such as mutual funds or individual stocks.  

Help pay for the costs of Corona treatment,
according to a survey conducted by Health Care in cooperation with YouGov. About half of Americans believe they cannot afford to be infected with the Corona virus.  

On the other hand, young people worry about paying the costs of HIV treatment and testing for detection, and this may explain why respondents, aged between 18 and 34, tend to borrow money from family members to bear the costs of treatment.   

Spending state subsidies on unrecognized expenditures
Millennials are likely to spend state subsidies on housing, stocks, investments, and in student loan debt repayment. Meanwhile, the generation is planning to spend subsidies on bills, credit card debt and hygiene kits, while people born in the baby boom plan to allocate their money to spend on groceries, health and medical supplies and clothing.