Younger Americans have less emergency savings than before the pandemic, and credit card debt outweighs savings for nearly one-third of millennials, according to a 2022 Bankrate survey.
However, Gen Z and Gen X tend to be doing better than millennials in that regard, the Bankrate survey finds, with only 23% of Gen Zers and 24% of Gen X reporting their debt exceeds savings.an aversion towards debt and a greater prioritization of emergency," McBride says."The pandemic may well prove to have this effect on Gen Zers."
Before the pandemic, millennials actually tended to save more and avoid debt better than older generations because they were coming of age around the time of the dotcom bust and 2008 financial crisis. "But periods of income disruption or outright unemployment can quickly erode what savings have been built up and result in credit card debt that didn't previously exist," McBride says.
On the whole, Bankrate found that the percentage of Americans who have more money saved than what they owe in credit card debt has declined slightly, down to 53% in January 2022 from 54% a year earlier. However, that number is actually higher than it was before the pandemic, when only 44% of people in 2019 said their savings outweighed their credit card debt.
taking a look at your budget and figuring out where you can afford to set aside small amounts of money in order to start building your emergency savings fund for a rainy day.
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