Coole, like other Americans, has seen her spending habits change drastically during the pandemic. Consumers have saved money on child care and not dining out, but they are spending more on groceries and cleaning products, a new study shows.
Before the pandemic, more than two-thirds of Americans contributed regularly to a savings account and 70% had an emergency fund. Now 60% of millennials and 54% of Gen Xers say their emergency fund will only cover three months or less of day-to-day expenses while Boomers have enough to last six months or more, the data showed.
Still, about 20% of millennials have more money as a result of the crisis by cooking at home more and tracking their spending, the study showed. About 74% of them have started a more substantial emergency fund. But for some, big-ticket savings came from not going on vacation and putting off major purchases on things like a car . Extra spending on groceries and cleaning products cost them an average of $282 and $92, respectively.
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