How the COVID-19 crisis is affecting how we think about cash. Some say it made a big impact. Sarah Buynovsky of Newswatch 16 has the story.
WYOMING COUNTY, Pennsylvania – Recent results show that this pandemic has changed the way people see money and what they do with it, especially college students and graduates.
“They tell us that they are very into personal finance management. They’re interested in funding, about 20 percent are actually investing, ”said Rod Griffin, Experian public education expert.
Financial experts said they seem more concerned than ever about saving and making their money work for them, which is a big change since the health crisis began.
“Eighty-one percent told us they were concerned about the job prospects and finances related to the pandemic,” added Griffin.
Financial experts are saying more than ever that people are turning to technology to make their money work for them, for example with various apps.
They said this pandemic taught people that anything could happen to the economy and the job market.
“You think about things that many of us have never done.”
Financial experts added another good sign: This generation seems to be particularly preoccupied with debt: specifically credit card and student loan debt, and how best to avoid and manage them.