When it comes to what millennials and Gen Zers plan to do with the money they saved during the pandemic, the answer might surprise you. According to a new Zillow survey featuring 1,200 young adults, the company found that 83% of participants have saved money in at least one spending category.
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When it comes to these savings, it's important to note another Zillow survey, which reveals that almost three million adults have moved back home since spring 2020. In April and March of 2020, 2.2 million Gen Zers between 18 and 25 years old moved home, which could contribute to their ability to save money.
As for what millennials and Gen Zers plan to do with their savings, 64% of respondents plan to use them for everyday expenses. Coming in close behind, 59% of young adults aim to use their pandemic savings for a down payment on a home.
Interestingly, 27% of the survey participants said that influencers and celebrities have inspired them to consider buying a home. Within this group, 32% of men ages 18 to 41 said that influencers have convinced them to make certain housing decisions, compared with just 21% of women.
By 2025, Zillow predicts that millennials entering their mid to late 30s will help create 6.4 million more households. The fact that many were able to save during the pandemic will likely contribute to this.