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How coronavirus changes financial habits: 5 facts

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Coronavirus scares everyone – from young to old, but it is young people who are most likely to change their financial habits amid news of the coronavirus epidemic.

It is young people who are trying to buy more online, so as not to leave home and not to deal with potential carriers of the virus.

They use sites and apps that allow them to make purchases without leaving their homes.

As American studies show, young people in the United States are concerned about the financial side of the epidemic and treatment. In the event of becoming infected with the coronavirus, these younger people are not sure that they can afford all the necessary expenses associated with diagnosis and treatment.

In this case, they are ready to borrow money from family or take a loan from a bank.

Not all scared – some see opportunity

However, not everyone is scared by the news about the coronavirus. There are those who are ready to take the chance to see the world: these people are buying dtrastically cheaper plane tickets and they are planning trips to exotic places for pennies on the dollar.

Below we will talk about how coronavirus has changed the financial habits of young people around the world.

Young people cut costs in preparation for the likely financial crisis associated with the spread of the virus

Young people around the world are cutting costs, fearing the economic consequences of the coronavirus, in particular a recession in the economy.

Moreover, experts note that representatives of almost all generations are concerned about the threat of coronavirus, however, it is young people who have most of all changed their financial habits.

Many do not just cut costs, but begin to put aside in case they nevertheless become one of the infected and cannot afford expensive treatment.

Young people are shopping more online

Young people have become more likely to use applications and shopping web sites to go out as little as possible and, therefore, reduce the likelihood of encountering a virus carrier.

According to American experts, 39% of young people are less likely to shop in stores. 30% said they were more likely to shop online.

These purchases also include food purchases. In general, there has been a significant increase in this area recently: buying food online with home delivery is becoming very popular all over the world.

Young people are more likely to use apps to deliver goods or other services.

30% of American youth, according to studies, have become more likely to use applications that provide delivery services or other services online.

In addition, applications that provide contactless food delivery services have become popular. In this case, the couriers leave the products under the door or in the place where the customer says to deliver. Buyers pick up purchases at their convenience.

Some buy cheap tickets and travel

Despite the fact that many people cancel trips, hand over tickets or change travel directions, there are those who are not afraid of the coronavirus. They take this opportunity and buy cheaper plane tickets.

Now that the coronavirus epidemic is in full swing, many airlines are lowering ticket prices and offering more flexible conditions for buying tickets to certain destinations.

Young people willing to use alternative sources of payment for coronavirus medical expenses

Almost half of the insured Americans believe that they cannot afford to get coronavirus, as their savings are not enough for treatment. However, it is young people who are most concerned about the cost of treatment for coronavirus.

Among young people aged 18 to 34 years, only 35% are sure that they will be able to afford the costs associated with the treatment of coronavirus. By comparison, among those 55 and older, only 24% are not worried about treatment costs.

In addition, people between the ages of 18 and 34 are ready to borrow money from family members if they need additional money for treatment.

Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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