TD Bank COVID-19 survey shows most millennials strapped for cash

A third of millennials say COVID-19 negatively impacted their checking account balance, according to TD Bank’s latest Money Matters survey.

The survey, which polled more than 1,000 U.S. consumers on financial behaviors and credit habits during the pandemic, found millennials are much more likely than Gen Xers and boomers (31% and 17%, respectively) to report decreasing checking account balances, according to a press release on the findings.

The ability to save has also been hindered by the pandemic, as nearly 60% of respondents are not saving money. Of those respondents, more than half (54%) are millennials.

More than 28% of millennials have tapped into emergency savings during the pandemic and one in five (20%) millennials don’t even have a savings account. The study also showed 31% of millennials spent time during quarantine reviewing their finances.

“A healthy savings account is key to planning for milestone moments and unexpected hardships,” Lindsay Sacknoff, head of consumer deposits, products and payments, TD Bank, said in the release. “With COVID-19, many people are experiencing unplanned circumstances. This is a good time to take stock of spending and saving habits, create new financial goals and stick with them.”